The mortgage broker business boomed during the 1990s when there was a plethora of home finance and car finance loan products launched into the market. Folks looking for home mortgages were spoiled for choice what with the increased competition from institutions that are not in banking as well as mortgage managers.
Mortgage brokers not only have the resources to be able to get you the best finance options but they can also make sure you take advantage of any specials that you may qualify for.
Most borrowers are working full time and simply do not have the resources to check out a myriad of home finance products. This is one service that a mortgage broker can provide that is invaluable. Over the past 15 years software packages have enabled the mortgage broker to tap into a wide range of lenders and the home finance products they offer. The software now is very sophisticated and allows the mortgage broker to select those features which are important to his client.
During the interview process with the mortgage broker, you can advise the mortgage broker you have savings that you do not want to apply to your home financing purchase but want to keep in another account. The mortgage broker can quickly identify those lenders which offer a 100% offset facility. A quick search will let the mortgage broker know whether there are any lending restrictions applicable to that particular area. It can help the borrower to save a lot of time and a lot of money. Not only can the mortgage broker ensure that your needs are properly met in the home finance package you select but as a general rule the mortgage broker is aware of different offers that are being promoted by lenders.
A mortgage broker can provide useful services to those needing loans without charge. How is this possible? Mortgage brokers are paid a commission buy the banks and non-banks after placing the home financing loan with a lender. The mortgage broker is going to get the same commission from whichever lender they go with. Because the lender is saving costs by not having to employ salesmen and women they agree that the rate that the mortgage broker negotiates with the borrower will be identical to the rate that the lender would have offered the borrower had he or she come directly to the bank. This way you have to reason to ignore a mortgage broker.
A mortgage broker can help you make an informed decision saving you time and money on your home finance.