If you’re buying or selling property, chances are you need to work with a Mortgage Broker, Sydney and a real estate agent to make sure your transaction goes smoothly. But why? What makes these professionals so valuable, mainly when you conduct transactions yourself? Read on to learn the top five reasons you need a mortgage broker if you’re going through any real estate transaction.
A Mortgage Broker Sydney is an unbiased third party. They can shop for you and find you better rates because they have access to multiple lenders. If a broker were only tied to one lender, they might not compare rates from various sources. Some online sites will let you compare rates, but it won’t show up in your search results if the rate isn’t available from that one specific lender. You could end up missing out on some lower rate options without even knowing about them if you don’t use a broker. This could translate into thousands of dollars over time that would have gone into your pocket instead of going out through higher interest payments and fees.
Work With Several Lenders
Mortgage brokers often work with several different lenders, including banks and credit unions. They will compare each loan program to your financial situation, needs and goals. The process allows you to choose an option that best fits your requirements rather than being limited to what one bank has to offer. Let’s say you decide you need an adjustable-rate mortgage (ARM) with three years at a set interest rate and then three years at current market rates. A broker could match you up with multiple banks offering both features. By working with many different lenders, they can help make sure you find what you want and what’s available from various sources.
Find Loans for Those with Poor Credit
If you have poor credit in today’s lending environment, obtaining loans or mortgages is becoming increasingly difficult. A Mortgage Broker Sydney has access to an array of lenders and can shop around for you to find one that is willing to offer you a loan. And, even if your credit is less than stellar, there are other options like getting a personal loan from an individual or receiving financing from family members. The key with these options is to first talk to your lender/mortgage broker about how they can help you so that you don’t waste your time on unnecessary applications.
Avoid Predatory Lending Practices
If you’re looking to buy your first home or your next home, you might have been approached by predatory lenders and mortgage brokers. At first, the companies offer low-interest rates but some costly hidden fees. To avoid these practices and get a fair deal on your mortgage, you need to find a licensed broker who will ensure you’re getting what you pay for. A top reason people need a mortgage broker is unfair lending practices.
In a nutshell
Consider working with a mortgage broker if you want to buy a home but don’t know where to start. They have access to hundreds of lenders and rates at their fingertips, so they can find loans that fit your needs. Your broker will go over all of your options and help you choose what works best for you.