Many first homebuyers make the common mistake of taking every aspect of the purchase into their own hands. They get tangled up in bank loan approvals, interest rates, collateral, equity, government grants and stamp duty and wind up caught in a tangle of paperwork and zeros, wondering what it all means and how they got so confused in the first place!
While thinking that you can do it yourself is admirable and brave, you are actually better off getting a qualified professional to do the hard yards for you – you’ll even end up with better rates and a much more stress-free experience!
Let’s take a look at four reasons why you need a mortgage broker for your home loan in Adelaide.
Everyone is different. Your finances, wants and needs may vary from your friends, colleagues or families. A mortgage broker can help both determine and get the best loan for your particular, situation. They’ll sit down with you and find out your objectives and lending capacity and match you with the best lender. This may be a large bank or a small bank, or even a credit union or private lender. It will depend upon your unique situation!
A mortgage broker is experienced and knows the market well. They’ll be able to enter into the tough negotiations with a lender– it’s their job so chances are they might be able to get you a rate or deal that you may not have been able to access yourself. This will save you money and the valuable time spent discussing and negotiating rates with your lender.
If you’re going to go ahead with using a mortgage broker for your home loan, they can act on your behalf. They’ll help you to both compile and complete all of the necessary paperwork, explaining everything in simple and easy to understand terms so that you know exactly what you are signing up for. They can also help to explain interest rates and any other costs that you may not have been aware of when you began looking for your first home.
Getting a home loan in Adelaide or elsewhere in Australia can be a long road. There are a number of different stops on this road that a mortgage broker knows all too well, and can even suggest a few different routes too!
A broker can help you with a pre-approval right through to settlement of your loan. A good broker will even review your situation periodically to see if you can reduce your repayments, use any hidden equity in your home or consolidate your debt – and even help you to refinance should your circumstances alter.
Contact AAAMS online for more information on the advantages of using a mortgage broker.