Why consider using a mortgage broker as a first homeowner?

As a first home buyer, you’ll want to make sure you start this exciting process on the right foot.

In today’s digital world, it might be easy to rely on Dr. Google for your research, but we’re here to remind you that there are still real people out there – like mortgage brokers – ready to help you start your journey. 

Mortgage brokers are professionals who provide financial advice to people planning to buy a home. They can guide you through the entire process, complexities and all, and take the stress out of any rigorous lending processes. 

Here are some of our top reasons why you should use a mortgage broker as a first home buyer. 

They will arrange your pre-approval

One of the first things you may want to do is to get a pre-approval. This will allow you to have confidence when shopping for your dream home, knowing how much you can afford to borrow. 

A great mortgage broker will speak to you about your specific needs and circumstances and work out how much you can borrow and take the next steps to get the loan pre-approved. 

If the loan amount wasn’t as high as you hoped, or your credit score is affecting your borrowing capacity, a mortgage broker can work with you to settle other financial obligations to put you in the best position to borrow for your home loan. 

It won’t cost you anything for the service

First homeowners are often surprised that yes, using a mortgage broker won’t cost you a cent. A mortgage broker receives a commission from the lender you choose to go with, only after your home loan is approved and processed. 

In saying that it’s always a good idea to check with the mortgage broker you engage to see if there may be any other services that they charge for, but often this is not the case. 

They will save you money

Because mortgage brokers have access to many different lenders and types of home loans, they will be able to work out which is also the most cost-effective option for you. 

Mortgage brokers are not aligned with one bank or lender, so finding the lowest interest rate, or home loan features is their priority, not the lender. By having a range of lenders are your fingertips you could save literally thousands of dollars over the course of your loan by choosing the right home loan. 

Some mortgage brokers may even have access to special deals that aren’t available to the general public yet.

The loan application process will be stress-free

Let’s face it, applying for a mortgage often comes with a lot of paperwork. A mortgage broker will oversee this process, even checking your documents for mistakes. Not only will this save your sanity, but also your time.

Speaking of time, it takes time to assess the multiple options of home loans available on the market today. A mortgage broker is experienced in the range of home loan options and can explain your options quickly and easier, saving you the hassle of having to spend hours researching multiple lenders and banks. 

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