If you are looking for a home loan or you wish to finance a property investment, you will need to investigate the right loan for your circumstances.  You have the option of doing your own research, relying on the loan products provided by your chosen bank, or hiring a mortgage broker to help you identify the right loan for your needs.

Here are six benefits to using a mortgage broker to help you identify the best loan for your financial situation:

Cost-effective assistance

By saving you time in the short term, and money in the long term, a mortgage broker’s expertise is a good investment. However, as with any important investment, you need to calculate how much of a down-payment is required. Always ask about the mortgage broker’s fee structure before deciding whether to work with them. Most brokers are paid through a commission from lenders, so they can provide their services to you free of charge. However, some brokers will also charge you a fee, so you will need to take this cost into account before making your decision.

Flexible schedule

While banks are only open during business hours, mortgage brokers can arrange a time and place to meet you at your convenience. This means you don’t need to disrupt your workday to keep the appointment. You could even meet the mortgage broker at your home if this is easier due to family commitments.

Fast, efficient loan comparisons

Comparing different loan products can be time-consuming and confusing, particularly if you are not sure how the various features are suited to your circumstances. A mortgage broker has the experience and expertise to identify the right home loan for your needs, and they have access to a wide range of loans from banks, lenders and credit unions, giving you greater scope to identify the best loan faster.

Streamlined and expert service

Your mortgage broker will assist you throughout the entire loan process. Once you have decided on the right home loan, your broker can help you manage all the paperwork involved in seeking pre-approval and arranging any government grants relevant to your application.

Whether you are a property investor or purchasing your own home, your mortgage broker can also offer you expert advice for making the most of your investment, and choosing the loan package that helps you achieve your goals more effectively.

Avoid rejection

When you apply for a home loan on your own, there is a chance you may be turned down. This rejection leaves a mark on your credit history, making it harder for you to succeed with another lender.

Your mortgage broker can help you navigate the process, first by checking that you have everything in order and then identifying the lender who is most likely to offer you a loan based on your individual situation. This reduces the chances of you being rejected and ensures that when you do get a loan, it is the right loan for your circumstances.