The role of a mortgage broker is to help you select the home loan that is right for your needs. That’s important because while there is no shortage of loans to choose from, finding the time to compare even a fraction of the loans available would be incredibly time consuming.
That’s where a mortgage broker comes in. They work closely with a panel of lenders including the big banks as well as smaller lenders that you may not be familiar with. They basically ‘shop’ the home loan market for you, saving you time. Everyone knows shopping around could lead to a better deal but it can be time consuming – so a broker takes the hassle out of the process for you and researches the market. The broker will also go in an negotiate the best rate possible on your behalf and knows how much of a discount he/she can obtain on your behalf.
Plus, they stay on top of the changing lender requirements so you don’t have to.
But it’s not just about comparing home loans. Even before you are ready to buy a home, a mortgage broker can offer valuable support explaining the home buying process and answering key questions you may have including “How much can I borrow?”, “How much deposit do I need for a first home?” and “What will my repayments be?”
A Bank will only provide information on their particular range of products. A Mortgage Broker however has knowledge of hundreds of loans offered by a panel of over 20 lenders. This means that we are able to find the product that suits your particular needs and that offers the best rate / package for your individual needs. This will potentially save you lots of money over the life of the loan.
The earlier the better. Your Broker will be able to advise on the amount of deposit you will require, maximum borrowing capacity etc so you know your position before looking for a property and putting in an offer.
If however, you have already found your dream home and put an offer in, it’s not too late! Contact CBM Mortgages straight away and we’ll secure the finance for you as quickly as possible. If you are looking for the best rate possible to refinance your existing finance we can run a comparison to advise you how much money you could potentially save by switching lenders.
On your first meeting with us, we will need to get an understanding of your current financial position and your requirements. For this we would need to see evidence of your income, assets and ongoing liabilities. You can complete the client information form and supporting documents checklist to assist with this. We will then discuss your requirements, how much you are looking to borrow and any specific requirements that you may have.
Once we have an understanding of your current position, we will calculate how much you can borrow and what you can afford to repay. We can then compare all the available loans and search for the right loan for you. You will be given a report containing all this and we will include what your new repayments will look like.
If you are happy with the proposal, we will lodge an application with the lender on your behalf and liaise with them if any further information is required.
We will be available every step of the way to answer any questions that you may have.
This will vary depending on the lender and complexity of the application. It is best to get your application submitted as soon as possible to avoid any unwanted stress.