The mortgage industry has seen a great deal of change in recent years.
De-regulation of the banking sector in the 1990’s prompted much fiercer competition between lenders, which then resulted in broader product suites and relaxed lending policies.
Now, in the wake of the Global Financial Crisis, lending policies have tightened, and it is more important than ever to research more than one lending option.
A critical part of understanding why you should use a broker is understanding what a broker actually does.
Help you find the right loan...
- It sounds simple, but there are thousands of different loan products in
the market, and only certain types will work well for you. Of those,
only a select few will offer competitive interest rates, fees and
service. A broker can easily and quickly narrow down the search and
explain your different options to you.
Save you time and effort...
- A broker has comprehensive knowledge of the product offerings of each lender on their panel. They have already done the research, and can save you the hassle of doing the legwork to gain that information yourself from each lender.
Save you money...
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A broker will generally not charge you for their services. In addition, they can identify opportunities for greater interest rate discounts to be applied or negotiate reductions in fees.
Help you avoid pitfalls...
- Not only can a broker help you avoid hidden fees, they have the expertise to assess your application before it is submitted to a lender and pre-empt potential issues it may face. This protects your credit record, and makes the application process a much smoother one.
...so can you afford not to use a broker?