Choose the Right Home Loan with Professional Mortgage Broker in Essendon

Posted by NRG Finance on December 12th, 2020

There are hundreds of banks and lenders offering thousands of loan products in the Essendon area– making your job as an applicant pretty challenging when deciding on the right one for your needs.

Not only could you end up spending days researching; without the proper knowledge and experience there’s no guarantee that the one you go for will be the right one for your situation. Mortgage Brokers in Essendon work fulltime in the loan market and therefore have an in-depth knowledge of the products being offered.

A professional Mortgage Broker in Essendon assesses your financial situation, including your income and borrowing power, before identifying the right type of home loan to suit your situation.

If you’ve decided that now is the time to apply for a home loan, you’ll typically have two options. The first is to go direct to a bank and ask about their loans; or the second is to compare loans from a number of different lenders.

Comparing loans makes the most sense when it comes to finding the most appropriate mortgage for you – and this is where a mortgage broker can help. Whereas banks care about their shareholders, brokers have their client’s best interests in mind. Therefore, hiring an experienced mortgage broker will benefit you.

A good mortgage broker can suggest loan products which may have lower entry requirements; and they can also suggest loans that benefit you well into the future, as opposed to trying to entice you with short-time benefits. And if your circumstances ever change, a broker may find a more suitable loan for you to switch to in the future.

If you’re really keen to make sure that you pick the right broker, be sure to put in a little research. If you know someone that used a broker to apply for their loan, it can be a good idea to ask for more information. Referrals and word of mouth are how many agents get business – and the more positive the comments, the more likely it is that the broker will be able to help.

Once you know of a potential broker, why not take a look at their reviews or feedback .If you want to stay as safe as possible during your application, be sure to check that your potential mortgage broker possesses the relevant licenses and qualifications. To keep your options open, be sure to ask your broker how many lenders they have access to.

Finally, you might want to ask your possible broker about the application process. This will give you a clearer picture of how they operate, and their experience level. The true cost of buying a home goes well beyond the purchase price. Things to consider include stamp duty, conveyancing, pest and building inspections, strata reports, loan fees, insurance and utilities.

Hire professional mortgage brokers in Essendon to get genuine care and achieve your financial goals.