Home loans are a very necessary part of life especially when it comes to purchasing real estate but getting one can be a time-consuming process. If you’re not familiar with banking terminology and processes, this will only add more difficulty to applying for a home loan. Instead of dealing with the tedious loans processes, it’s easier to enlist the help of a mortgage broker – professional agents who specialise in securing financial assistance from lending institutions and banks for their clients. A home loan is one of the biggest financial decisions you’ll ever make, which is why it’s important to get it right. To help with this decision, we have put together the 7 benefits of using a mortgage broker to help get you started. Read our blog below or contact MediPro Capital Finance today for home loans for healthcare professionals on 1300 375 626.
Benefits of Using a Mortgage Broker
Benefits of using a mortgage broker #1: Better rates
Banks are notorious for giving people bad rates on their mortgages, making it difficult to compare with other lenders in the market. That’s where an independent mortgage broker can help, as they can negotiate with multiple lenders to find the best rate for your home loan.
Benefits of using a mortgage broker #2: Financial coaching
The process of saving for a house can be overwhelming, and you might not yet have reached your goals for the deposit. A mortgage broker can help create a plan for you, as well as working alongside you on the next phase in your financial journey. This helps to set you up for a viable lending position and become a favourable candidate for banks.
Benefits of using a mortgage broker #3: Brokers know the real estate market
Are you looking to buy a new home? If so, it’s important that you know the area. There are several factors that go into buying a house and one of those is what area in which to purchase. A specialised broker can help by researching market trends, prices, demand, and opportunities for each location – especially if they have access to the right resources!
Benefits of using a mortgage broker #4: Provide valuable insight into different mortgages
If you’re in the market for a mortgage, getting advice from an expert will help you make the best decision. Mortgage brokers provide valuable insight into different loan types and can offer suggestions on which kind will best suit your needs. For example, if you’re self-employed, a low doc home loan or specialised self employed loan may be the best option. Or if you’re selling an existing property, bridging loans can help you move into your new home before a sale has been finalised.
Advantages of using a mortgage broker #5: Negotiate you a better deal
If you have credit issues or need a larger loan than your bank will approve, a broker can get you approved and save you thousands of dollars in interest by negotiating favourable terms with lenders. Mortgage brokers also have relationships with different lenders that specialise in lending money to people who may not be eligible through traditional channels.
Advantages of using a mortgage broker #6: Specialised advice
The mortgage industry is a complex one, with many numbers and fees and can be hard to know what’s best for your personal situation when you’re trying to make sense of all the options available. What does it mean if your interest rate is higher than those on offer? Will you have enough money after repayments? A broker can provide clarity on all these points and more, leaving you able to make an informed decision about which mortgage suits your needs.
Advantages of using a mortgage broker #7: A lifelong relationship
When you buy a home, it will be the largest purchase of your life. You will need someone who is there for you through all the ups and downs that life throws at you. Banks can’t be with you during every one of these moments in your financial journey: moving in, interest rates falling…starting a family, buying an investment property – life circumstances can impact your mortgage repayments, and a mortgage broker can help adjust your terms accordingly, so you don’t fall under mortgage stress.
Ready to get started?
A good mortgage broker will work hard for you, providing advice and assisting with all aspects of financing. If you’re looking for mortgages for doctors, home loans for veterinarians, dentists or other allied health professions, be sure to contact MediPro today by calling 1300 375 626 or filling out an online form and we’ll be in touch shortly.