Benefits Of A Mortgage Broker
At Park Financial we strive to be one of the best mortgage brokers in the industry. Our goal is to get clients the mortgage amount they are looking for at the most favourable terms. There are many benefits of using a Broker over going to a bank directly. Listed below are the main benefits of a using mortgage broker:
- Use a Broker who has access to all the Lenders: Mortgage brokers often have relationships with multiple lenders. This allows them to provide clients with a variety of mortgage options to help them secure the lowest interest rates and most favourable terms.
- Expertise and Knowledge: Mortgage brokers are typically knowledgeable about the mortgage market, interest rates, and various loan products. They can provide valuable insights and guidance, helping borrowers navigate the complexities of the mortgage process.
- Saves Time: Searching for the right mortgage can be time-consuming and overwhelming for most people. Mortgage brokers streamline the process by doing the research and paperwork on behalf of the borrower, saving them time and effort. Once all documents are submitted to a Broker the next stage should be to receive an approval from a lender.
- Negotiation Skills: Experienced mortgage brokers often have strong negotiation skills in dealing with lenders. Any queries raised by a lender can be explained by the Broker without the client getting involved.
- Best Advice: A mortgage broker can assess your financial situation, understand your goals, and provide personalized advice and service. They can help you choose the mortgage and term that best suits your needs.
- Approval Guide: Mortgage brokers can help borrowers understand how much they can afford which give clients a realistic expectation of how far they can go when bidding on properties.
- Unique Situations: For individuals with unique financial situations or credit challenges, a mortgage broker may be better equipped to find lenders who specialize in such cases. This can increase the chances of approval and favourable terms.
- Continued Support: Mortgage brokers often provide ongoing support throughout the mortgage process, from application to closing. They can address any concerns or questions that may arise through the lifetime of a loan. At Park Financial we assist clients with the bidding process and are happy to recommend solicitors, surveyors and provide all relevant assistance to clients to ensure they are getting the best deal possible.
- No Cost to Client: Most brokers do not charge a fee. The bank pays a broker commission once the mortgage has issued and all banks pay the same commission amount.
- Independent Advice: It is the brokers job to offer independent and impartial advice. A broker is not tied to a particular bank so it is their job to recommend the best mortgage product that meets the clients needs whoever that bank may be.
- Personalised Service: Brokers deal with clients on a one to one basis thus providing the highest level of customer service. A lot of the banks operate call centres to handle mortgages.
In summary there are several benefits of using a Broker over going to a bank directly. A Brokers job is to make your mortgage process as easy as possible for the client while offering the best advice. It is one of the biggest financial decisions you will make so it is important that you research the market for a good broker.
