November 3, 2017
Wouldn’t it be great if a lender made a tailored loan product, designed to fit your unique needs? You could have the interest rate you wanted, take advantage of the custom-made loan features and best of all, you’d know your loan application is likely to be approved. After all, this loan was created just for you!
That’s what it can feel like when you work with a mortgage broker when you refinance. A broker’s purpose is to use their experience and knowledge of the market and of your borrowing profile to get the best possible loan for you. A ‘good fit’ loan isn’t just satisfying, it could mean huge savings, lower repayments and the ability to meet your unique financial goals.
Here’s why mortgage brokers can make such a positive impact on your refinancing experience.
When you work with a broker, they are able to take an objective look at your needs to help match you with the perfect loan. This is because they are not connected with any one bank. A broker works with many different banks and non-bank lenders. This gives you access to a huge pool of home loan products.
When you search for home loans, the more you dig, the more you realise there is to know. Even when you work with a broker, it’s still important that you do your own research, comparing rates, features, lending policies and fees. But, a broker will also know the nuances of different lenders and loan products because they work with mortgages on a daily basis. They may also have access to options that aren’t available on the retail market. Your broker will always have more insight to offer you. And the more knowledge you are armed with, the smarter refinancing choices you can make.
Smart tip: make sure you don’t hold back when it comes to letting your broker know your goals as well as the specifics of your income, asset ratios, and credit history. The more they know, the more equipped they are to fit you with the right loan for your needs.
You’ll have to research, prepare documents, evaluate your finances and more when you go to refinance your home loan. A lot weighs on your choice. For example, if you choose to refinance with a bank with a strict lending policy – and are declined – you’re going to have to start over with a demoted credit rating and the disappointment of not being approved. Overlook a key feature or make a common borrower mistake and you could end up spending way more money than you planned on when you refinance.
Having an objective, knowledgeable expert on your side can make a huge difference. You’re more likely to get a great loan and to have a positive experience. The best part is, you don’t have to pay anything for a broker’s professional guidance. Mortgage brokers work on commission and are paid by the lenders, not the borrowers.
Written by Refinancing.com.au
Refinancing.com.au is an end-to-end service that helps people refinance their home loan. We empower you to search for your home loan, and choose the process that suits you.
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