If you’re a first home buyer, the process of finding the right home loan can seem daunting. With so many home loans and home loan features to choose from, with so many interest rates and fees to compare, and so many different application requirements to understand, getting your first home loan can seem like something you’ll never get your head around. Here are some benefits of using a Mortgage Broker…
A mortgage broker can make the process much easier. A broker can help you work out what you need, explain what’s available and what may work well for you. They also search home loans for you, saving you time and helping you find the right deal, and then walk you through the application process.
Unsure of what you can afford?
Buying a house will probably be the biggest purchase you make in your life. Finding a home loan that’s affordable and works within your budget can make that purchase much less stressful. A broker can help you to work out how much you can afford to borrow overall, how much your repayments should be, and how long your loan term should last. You might also like to use our mortgage calculators to see loan repayments, loan comparisons, how much you can borrow and many more.
Unsure of what’s available?
Home loans can come with a number of features, such as redraw facilities, offset accounts, flexible repayments and so on. If you are a first home buyer, it can be hard to wrap your head around all the loans and features available. A broker can explain exactly what’s available to you, and what may work best in your situation.
Unsure of what you need?
Should you get a fixed rate home loan, a variable rate home loan or a split rate home loan? If you split your home loan, how much should be fixed and how much should be variable? Should you choose a honeymoon home loan? Do you need a basic home loan or a home loan packed with features? A broker can help you work out what you need, explaining each option in detail.
Unsure of where to look for home loans?
While there are numerous home loan comparison sites out there, comparing loans can still be tricky. Knowing what to look for and what to compare can be confusing and time-consuming. A broker can save you the time and hassle of searching for home loans. As they do this every day, your broker will know the market inside and out, knowing where to find the best deals, and the most suitable home loan for you.
A broker will also know what each lender is looking for. Some lenders may be more lenient in certain areas than others. Lenders have different restrictions and credit policies. A website or comparison site won’t be able to tell you this, but a broker will. A broker can help you find not only the right loan, but the right lender for your circumstances.
Unsure about negotiating?
Home loan interest rates can be open to negotiation. If you are a first home buyer you may not be confident enough to negotiate the terms on your home loan, however, your broker is. A broker can negotiate the best deal for your needs on your behalf.
Unsure of the application process?
A broker can liaise with all parties involved, including your real estate agent, your solicitor and your conveyancer – something that could be time-consuming or stressful if you had to do it. A broker can also walk you through the application process, making sure all paperwork is completed correctly and all documentation is provided.
Visit our Home Loan page to download our FREE e-Book: Lend Me Home Loan Basics which covers;
- Using the services of a Mortgage Broker
- Types of Home Loans
- Home Loan Features and Options
- Borrowing for Your New Home
- Costs of Buying a New Home
- Five Steps to Buying Your Home
Lend Me – Home Loan Mortgage Brokers – Perth, Western Australia