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Commercial Finance, Property Development Finance, Property Investment Finance, Equipment Finance, Home Loans.
Greg Samuel | SamuelFinance

What Makes a Mortgage Broker Better than Dealing Directly with a Bank

Oct 14th 2015 at 4:58 AM

Buying a home is a dream that every person shares. A house brings with it security, a sense of belonging to a neighbourhood and place that people want to call their home. Most people opt for some sort of finance to get a house. This is the easiest way to get a home of one’s own. There are various options to get a home loan or a mortgage. But the best thing you can do while looking for loan options to buy a house is to contact a mortgage broker.

A mortgage broker is one who has relationships with various banks, credit unions and other financial institutions to help people get the required funds to buy a house. It is recommended that you check out a broker while you are shopping for a loan. Here are some advantages they provide:

•    Choices: As highlighted, the mortgage broker has relationships with various lending institutions. This translates to more options from more lenders. You can go through what each business provides and compare details of interest cost, repayment tenure, benefits, etc. between various organizations. You get to choose the one you know is giving you the best deal.

•    End-to-End Services: With a mortgage broker, you get comprehensive services from comparing the loan options and approaching the chosen lender to filling up the paper work and getting the loan. Since they know all about your requirements, you don’t have to worry about what needs to be done as they will help you through the process.

•    Ideal for Weak Credit History: Many people have weak financial history when they set out to buy their first home. In the majority of cases, these are people who are trying to make both ends meet and working very hard to make a life for themselves. Mortgage brokers are ideal for such hardworking people. They can help these people approach the right organization that believes in the power of their hard work and helps them to get going on the road to success.

•    Custom Services: A broker will fit their services to your needs. You don’t have to compromise on your requirements as they will help you find lenders that suit your specific wants. They help manage the entire application process in a way that takes into account your credit history, bank balance, income, net assets etc. and provide services that are helpful and also gets the work done for you.

•    Expert Help: An expert helping you in the loan application process will allow you to get the loan as smoothly as possible. Mortgage brokers know what documents are required, what details need to be checked, what forms need to be filled and what relevant information should be provided. All this makes your work easier and allows you to relax as the experts take care of everything for you.

•    No Costs: It may seem surprising to most, but mortgage brokers provide the service free of cost to their clients. They get paid commission from the bank or lending institution if the loan is approved. The banks can afford to pay this commission to mortgage brokers as it saves them employing staff to originate and put together a particular loan application. This ensures that the client does not incur any expenses and helps reduce the overall cost of the mortgage. It should be noted that some Mortgage Brokers will charge an additional fee for difficult loans that require a large amount of work and pay a relatively low amount of commission. Your mortgage broker will advise you of any fees before you commit to them however.

A house gives more than its four walls - it gives hopes for a better future. Start on your dreams by talking to a finance broker today.

About The Author:

Samuel Finance is a leading organisation for commercial finance and mortgage broking. They have a personalised approach to help you achieve a superior outcome for your personal or business finances. They provide finance for business loans, trading, working capital, property investment, development, home loans and more. They always strive hard to be a trusted advisor and deliver an outstanding level of personalised customer service.

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