If the time has come to refinance your home loan, working with a mortgage broker is your best bet to make sure you’re making the best, most financially sound decision. Refinancing can be a huge, scary undertaking. A good mortgage broker can streamline the process and make it easy and stress free.
What does a mortgage broker do?
Mortgage brokers don’t just help you find and finance your original mortgage loan, they also can help you to refinance! Since you often will not have to pay a fee (the lender takes care of that), using your mortgage broker’s knowledge and skill makes sense! Make sure you review their credentials (ASIC registration and MFAA or FBAA membership is a pretty solid indication that you picked a good mortgage broker). Also check online reviews and ask friends and family for personal recommendations.
How can a mortgage broker help with refinancing?
With all of the available rates and options on the market, a mortgage broker is a huge help. It can be incredibly overwhelming to sort through them all. After meeting with you and getting a feel for your unique situation, a mortgage broker will do all the hard work for you. They also have access to specific technology and mortgage broker software that makes the process much more simple and streamlined. Many also maintain relationships with a variety of both bank and non-bank lenders that they can approach and ask for suggestions and options in a way that you, as a refinancer, are not able to.
Pros and cons of working with a mortgage broker :
+Save time and money! : Let your broker do all the leg work! Since they are paid by the lender and do all the legwork for you, you can sit back and let them bring the information to you!
+Access competitive deals! : Your mortgage broker has access to the most up to date deals available and can sift through them to find you the best deal for you!
+Insider knowledge : Brokers know which lenders will be the best fit for your application and loan and can use their information to find you the right lender for your situation!
+No fees! : They’re paid through the lender! Use this “free” resource as much as you can.
– You won’t learn as much. : Although most mortgage brokers will explain the options to you, you may not get to learn much about all of the available products on the market! Ask your mortgage broker to take the time to explain everything to you. It’s important information!
– Conflict of interest. : With commissions involved from lenders, be wary of any options that your mortgage broker seems to be pushing too strongly. This is another reason why developing a good, quality relationship with your broker is essential.
Before refinancing, get in contact with your mortgage broker! They are an infinitely beneficial resource and can help get you the best deal possible. Please go to www.mortgagebroker247.com.au for additional help and information!