Broker is one of those words that if you don’t know what it is, you might think it has something to do with going broke. Of course, that’s not what it means, and if a broker is used correctly, it can mean the opposite of “broke” financially.
Quality mortgage brokers have many years of experience negotiating home loans for a range of clients – from the simplest to the most complex. These loan advisors know of many ways to help you fast-forward through your loan process, including seeking out and negotiating the most suitable loan rates, appropriate structures, the proper leverage and flexible terms to fit your situation.
Unfortunately for home buyers, there is a long-standing stigma surrounding all mortgage brokers – that they are money hungry snakes, no better than a shady used car salesperson.
However, thousands of our happy clients currently smashing their home loan goals will tell you that the tag is false and unjustified.
Financial Advice is Designed to Help You:
- Develop a range of strategies to help achieve your financial goals
- Identify your short-, medium- and long-term financial goals
- Implement systems to help you manage your money better
- Maximise your superannuation
- Minimise your tax liabilities
- Ensure you are adequately insured
- Develop a suitable investment plan for your life stage
- Plan for your retirement
- How do you choose the right mortgage broker or financial planner for your circumstances?
Understanding and implementing these strategies can seem overwhelming. Luckily, there are several tools you can use to compare advisers in Brisbane and beyond… as well as several steps you can take to ensure you are making the right choice.
First, you need to identify your financial advice needs, and this will give you the scope to choose a qualified financial solutions provider to advise in that field.
Once you have chosen a financial adviser, the next step is to ensure you can provide them with accurate information about all aspects of your financial situation. Be prepared with your financial goals, financial statements, assets and liabilities, and other finance-related information. Be open and honest about your current situation, as failing to do so could result in incomplete or incorrect advice for what you require.
Make sure you feel comfortable with the adviser. You do not want to feel pressured into making any decisions.
Follow the above advice, do as much research as possible, and be as open and honest as possible. You should find a reputable financial adviser fit for your needs.
The pros of using a mortgage broker are plentiful. They will collect your income evidence and the other documents you need to provide as part of your application and take care of the whole process from application to settlement… as well as everything in between.
Mortgage brokers tend to be powerful negotiators who can help you, and they can get you more critical positions and lower interest rates than your bank offers. Brokers also contact credit officers to provide further evidence they may need to assess your application. To ensure a smooth application process, they contact your solicitor, valuers, builder, and even real estate agents. They are your number one contact during the whole procedure – keeping you updated throughout the entire process!
One of the most common reasons people approached a bank instead of going to a mortgage broker was that they already had accounts. So, convenience is the most common reason people go to a bank directly. Still, it doesn’t necessarily ensure that you’ll get a smooth loan application process or the best deal/interest rate.
Banks are large companies, and communication between departments is a big problem. There can be delays with your property valuation. The credit assessor can misinterpret your payslips because they don’t understand your income. The bank may question prior loans you’ve applied for, and your file can be handed over to someone else without clear communication. They sometimes even lose entire mortgage applications. These are just some examples of what can go wrong if you go to a bank.
Mortgage brokers can be perceived as scary and untrustworthy people due to the poor practices of a minority. However, if you seek out the help of a quality mortgage broker, you’ll find the importance of one quickly.
At Credit Connection, we have highly credited brokers who are 100% devoted to getting the best deals for their clients! If you want to get started on the pathway to Less Debt More Life, book a risk-free no-obligation meeting with one of our team today! You can do that here.