Most people seek mortgage to help them purchase a property – whether for owner occupied or for investment. Then, it comes to the question: should I choose a mortgage broker or deal with the bank directly?

There are many reasons to consider using a mortgage broker as opposed to your current bank when it comes to getting your home loan: Variety of Options, Expert Advice and Services.

Variety of Options

The biggest advantage of using a broker over a bank is that they have the access to wider product range. While you can only choose one of the bank’s products, a mortgage broker can provide you more choices offered by different lenders. In addition, pricing with mortgage brokers are as competitive as a bank.

Expert Advice

We all want a good deal for our home loan, but very often we don’t have the time to look at loans or to compare their features. A good mortgage broker will help you do the initial assessment based on your situation and creditworthiness and suggests the best product that suits you. They also have the knowledge about the side information that you would like to know, for example, the application fees, FHOG grant, incentives and other related credit products like credit cards. Mortgage brokers are also keen to find solutions of those tricky deals, based on the access of various credit products and their own lending knowledge. Bank staffs often don’t have this kind of knowledge or experience, but just offer the bank products to whoever comes to their branch.

Services

Mortgage brokers do all the legwork for you and deal with lender on your behalf. Applying for a home loan can be complicated and time consuming, a good mortgage broker will help you prepare the documents required, follow up the process as well as make sure the settlement happens on time. They are also more than happy to provide post settlement services as they are actually working for you, not the bank.

Although there are many benefits associated with using a broker, finding the right one is essential. Do you research and ask for reference, a good mortgage broker will make your lending experience as pleasant as can be.