Why Use a Mortgage Broker?
In times now past the local Bank Manager was who you spoke to regarding borrowing money for a house. He was quite often a local identity and held the position for an extended period of time.
His bank is where you kept your savings because that showed loyalty on your part and the idea was that he would look on you kindly as a result.
That has all changed!
- The staff at your local branch changes over so often that you have no way of knowing who is in charge
- Whether you get the loan or not is based on criteria that "mere mortals" are not meant to understand
- The days of saving with a bank and getting a loan from that same bank just don't apply ... loyalty doesn't matter anymore
- Even if you know who is at a local branch ... try getting them to answer the phone!
- No one knows who you are ... ticket number 47 to counter 3 please!
Brokers now do 45% of all home loans written .... why is this?
Here are some answers:
- Brokers give you choice ... instead of only having access to one bank's products, Brokers deal with numerous lenders and even more numerous products. Fortunately they have software that can quickly and easily whittle this number down to a dull roar and find a product (or three) that suits your circumstances
- Brokers don't work 9 to 5 and are happy to answer the phone because they get paid (by the chosen lender) on restults ie: if they don't get your loan for you, they don't get paid!
- Brokers fit in with your circumstances ... If your situation involves a frenetic lifestyle involving work and demanding children, they will make a time to sit down and talk where everyone can relax.
- Brokers keep files ... so therefore you are known. Some potential borrowers are just not ready and need guidance as to how to get their ducks in a row. A broker can help with this and hit the ground running once you are ready to go.
- Brokers can yell at lenders ... getting a loan can be a stressful thing and sometimes lenders need to be shown the "error of their ways" ... having a Broker helps you have all your bases covered thereby avoiding "stressful moments"
- Sometimes your finances can get out of hand ... personal loans, credit cards, home loans etc ... the cash flow needed can turn into a flood. A Broker can sort that out for you (most times) and help you start getting sleep again!
- Finally (if you missed it) ... a Broker doesn't charge you! No, he's paid by the lender. A Broker does all the work for you and about the only involvement you need to have is chasing up pay slips and bank statements. Mind you, the service gets even better with a strong cup of coffee supplied and the occasional chocolate biscuit.