Searching for a new home is an exciting time for anyone. However, the process can be quite intimidating for those who are less well-versed in financial jargon.
Over the years, friends and family members may have made this process look easy. However, what you may not realise is that the majority of mortgages are secured thanks to the help of a mortgage advisor and broker and this was something I finally learnt for myself last year.
Without the right advice and support, you put yourself at risk of making some mistakes that could have lasting effects. For this reason, it is always worth using the services of an experienced mortgage advisor and broker.
What exactly do mortgage advisors and brokers do?
A mortgage advisor and broker is a specialist with an extensive knowledge of the property market. Their experience enables them to look at a range of mortgage products and determine which will best suit your needs.
But mortgage advisors don’t just offer advice. In fact, they do most of the heavy lifting for you so that the process is as straightforward as possible. From assessing which mortgages and properties you can afford, to liaising with mortgage lenders, brokers on your side throughout the entire process.
This allows you, their customer, to spend your time getting excited about your next big move. It’s safe to say that with a mortgage broker on your side, the only thing that will be making you sweat is an evening zumba class!
Moving house for most people is stressful and last year couldn’t have got more stressful for me. Having a mortgage broker to deal with that part of my life for me was like building up my team. Having someone on my side really helped support my mental health through that period.
Seeking the support of a mortgage broker can be useful regardless of where you are on the property ladder. For instance, you may be looking to take out a mortgage for the first time. Perhaps you’re looking for a better deal and want to remortgage. In either case, a mortgage advisor can guide you through the process.
Moreover, brokers can offer assistance to those interested in the Help to Buy scheme or individuals struggling with bad credit. Even if you’re already secure on the property ladder, the advice of a mortgage broker could be extremely helpful.
Benefits of using a mortgage broker
Now that you understand the ins and outs of what a mortgage advisor does, here’s how they can benefit you.
1. Save you money
When looking at mortgages, the average person typically only looks for the lowest rates. This approach, however, does not guarantee you the most competitive deal. Mortgage brokers, on the other hand, will take into account any other applicable fees and not just mortgage interest rates. This means that you should be better off financially in the long run.
2. Save you time
Between balancing family life and work, it can be hard to find the time for self-care, let alone mortgages. Not only will brokers save you from long nights of research, but they can also help find your home faster. As brokers know the market well, they can find the mortgage deals that lenders will most likely approve for you.
3. Take care of paperwork
Packing boxes and moving is already stressful enough. But with a mortgage advisor, it doesn’t have to be. Understanding financial jargon can become much easier with a broker on your side. Experienced brokers know exactly how to fill in paperwork and which documents will be needed. In some cases, forms will be prefiled and the most you will have to do is sign your signature.
4. Chase applications
Aside from helping you with forms and other paperwork, brokers have the experience to chase applications and spot delays. If you were to do this yourself, this could cause further delays. Most experienced brokers have mastered the art liaising with lenders. Brokers will be able to stay on the lender’s good side while still encouraging them to speed up the process.
5. Give you access to more products
If you search for your own mortgage products, you’ll likely only be able to find a limited number of products. Whole-of-market mortgage brokers who are well connected can find deals that may not even be available to the public.
How to find a mortgage advisor
You will find a large number of mortgage advisors through a simple Google search. Of course, it is a good idea to compare rates before settling on a broker. It may also be worth checking if any are tied to specific lenders. If so, you may wish to look for an independent advisor to gain access to more products. Alternatively, you can speak to your friends and family to see if they recommend anyone they have worked with previously.
Whatever you choose to do, just ensure that you have a mortgage advisor and broker in your corner that you trust to help make your house purchase a success and as stress-free as possible.