A mortgage advisor is there to help you navigate the complicated, jargon-filled world of mortgages. They can answer any questions you have and make you aware of the things you haven’t come across yet. They’re able to work around your busy schedule and while you’re busy tackling the million other things you need to get sorted they’re focused on your mortgage. Here are our top 11 reasons to use a mortgage advisor before going directly to the bank.
1. The mortgage ADVISOR network
Mortgage advisors have a large network of lenders that they work with so they can get you the best possible terms and mortgage interest rates. The more lenders you have competing for your home loan the more you have the potential to save. A mortgage advisor won’t just go to banks but can also go to specialist and non-bank lenders too.
2. A mortgage ADVISOR works out how much you can borrow
A mortgage advisor can work out how much you can borrow at different banks and non-bank lenders. This amount does vary from bank to bank and it is important that you know which one is best for you. We have the tools to work this out for you quickly and efficiently. This can be especially useful if you’re self-employed .
3. Mortgage ADVISORS are experts in their fields.
They provide guidance on the mortgage products, current market conditions and interest rates. Mortgage advisors only sell mortgages and related products and are Registered Financial Advisors. Because they are advising people on mortgage options every day they are aware of potential pitfalls and hazards, as well as the best options for your individual circumstances.
4. Mortgage ADVISORS understand credit policies.
Each bank and lending agent is different and a great mortgage broker can recommend to you which bank will suit your individual circumstances. A great mortgage advisor can also decipher the jargon to help you understand your options. If you want to be able to make early repayments, great, a good mortgage broker can help you find the terms that enable you to do that.
5. Mortgage ADVISORS understand timing
Understanding which bank is better to use at a particular time when funding is limited to first home buyers, or when your deposit is less than 10%. The relationships a mortgage advisor has, often from past experience working in the banking sector, can be invaluable to buyers that feel like a bank might reject their application.
6. Mortgage ADVISORS are independent
This means your mortgage advisor will be objective and unbiased. Your mortgage advisor doesn’t work for one particular lender which means you don’t get a biased opinion on which solution is best for you. Your mortgage advisor works for you and as most work on a ‘success fee’ getting you a mortgage is their primary concern.
7. Mortgage ADVISORS save you time and stress
Shopping around for the best mortgage option can be time consuming and frustrating. Your mortgage advisor will fill in one application with you, which can be used for all mortgage providers. The going back and forth with different banks to get you the best rate possible is all part of the job for a mortgage advisor. So while you’re out house hunting, or working out the logistics of moving your advisor is also at work.
8. Your mortgage ADVISOR considers your credit rating.
Shopping around for the best interest rate on your own can have a negative impact on your credit rating. Too many enquiries can cause your credit score to decrease which can hinder your mortgage application. This is because some systems perceive multiple credit applications as a sign that you’re being rejected, or are shopping around for a deal. Your mortgage advisor will help eliminate this risk and preserve your credit rating as best they can. Handy if you’re going to be buying furniture for your new house on finance!
9. A mortgage ADVISOR is a mobile service.
Unlike a bank, which requires appointments, your mortgage advisor can come to you when it suits you and are available seven days a week. When you’re working, and going through the stress of trying to buy a new home sometimes the convenience of having someone come to you for a change can make all the difference.
10. A mortgage ADVISOR is totally free of charge!
Your mortgage advisor gets paid directly from the lending provider so there is no cost to you. This doesn’t mean you’re paying a higher mortgage, or that the bank will slap on a fee afterwards for using a mortgage advisor but it does mean that it’s in the mortgage advisor's best interest to find you a mortgage.
11. A mortgage ADVISOR provides ongoing support and consultation.
Your mortgage advisor will review your circumstances a minimum of once every 12 months and see if your borrowing structure is still meeting your current needs. We also negotiate with the banks directly when you fixed rate review is due. Gone are the days where you have to stay with the same provider for decades, or just because they also provide you a current account. Your life changes, so should your finance providers.
Give the team at Stephanie Murray Mortgage a call to arrange a no-obligation initial chat or download our FREE guide on buying your first home.
This information is general information only and must not be relied upon as legal advice. A disclosure statement is available here.