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What is the role of a mortgage broker?

The role of a mortgage broker is to help you, the client, secure finance for the largest and possibly the most important purchase you will ever make—your home or investment property.  The mortgage broker’s role is both advisory and practical, and a good broker’s services could mean the difference between success and failure in securing your dream home.

 

The early planning stage of any property purchase is the ideal time to contact the best mortgage broker you can find to help guide you through the process.  During the preliminary stages, your broker can advise on how much you could realistically aim to borrow, how much of a deposit you will need, and even draft you an associated savings strategy to keep you on track to achieve your goal, if required.

 

As your proposed purchase date draws nearer, your mortgage broker can help you obtain a pre-approval with some lenders.  Pre-approvals are particularly helpful if you intend to buy at auction and convey your seriousness to vendors in a way that potentially affords you the upper hand at the negotiating table.  Mortgage brokers in Melbourne are typically familiar with the unique requirements of financing auction purchases, given the local popularity of this method of sale.

 

After months (or years) of planning and saving you’ve finally found your dream home, and your offer has been accepted by the vendor!  Now you just need the bank to come through with the finance, and quickly.  This is your mortgage broker’s time to shine.  After you have found your ideal property, your broker will prepare and lodge all necessary documentation for your finance approval.  That is, of course, after having first scoured the mortgage market for the absolute best value loan product available that meets your needs.

 

At the heart of a mortgage broker’s role is the valuable and time-saving loan comparison service.  Here at Marksman Finance, for example, we compare over 500 loan products from 30 plus lenders to find each of our clients the most appropriate financial product to meet their individual needs.  This service alone can potentially save you many thousands of dollars over the life of your mortgage.

 

Perhaps you purchased your home a few years ago and it’s been a while since your mortgage was reviewed.  A mortgage broker can review your existing mortgage to ensure it still meets your needs for the best available interest rate.  And if not, your broker may recommend you refinance your loan, meaning you can switch to a better and more cost-effective loan product.  Changing loans can incur costs, and your broker can help you assess whether the overall benefit outweighs the short-term cost of changing your existing mortgage.

 

Are you looking for the best mortgage broker in Melbourne and surrounds to assist with an upcoming property purchase?  Or perhaps to review an existing mortgage?  At Marksman Finance, we work with you every step of the way to bring your property ownership goals to fruition.