One of the most daunting aspects of purchasing a house in Melbourne is applying for a home loan. A mortgage broker makes the process less stressful and helps homebuyers find suitable loans. Additionally, they prepare loan applications and guide you through the proper settlement process.
Unlike loan officers, mortgage brokers have access to multiple lenders and a broad range of products. This enables the borrowers to compare interest rates and get a favourable mortgage. When you partner with a home loan broker in Melbourne, it reduces the legwork of mortgage loan applications.
If you are a first-time homebuyer, it’s wise to seek assistance from a local Melbourne home loan broker. Using their knowledge and experience, you can avoid some common pitfalls.
Home loan brokers have the resourcefulness and expertise to expedite the loan process. So, they have been sought after by experienced home buyers and seasoned investors.
What Is the Role of a Mortgage Broker?
A mortgage broker is a licensed financial professional and serves as
mediator for borrowers and lenders. Brokers find loans that caters to needs of borrowers and compare rates and conditions. This helps the home buyer save time and energy whilst getting a good deal. Mortgage brokers sell mortgage products from various lenders. Moreover, they have access to a wide range of options than loan officers, who have a limited range of products.
Mortgage brokers guide the clients through the application process.
Additionally, they assess the borrower’s credit background, and check income and employment details. In addition, mortgage brokers communicate with everyone involved in the deal to ensure the loan settles on time.
The brokers liaise with solicitors of the seller, borrower, lender, and borrower.
Contact a home loan broker in Melbourne if you want help in navigating the complex mortgage market. They assist you in finding a suitable loan from different local lenders at a highly competitive interest rate. You can also save a lot of time, energy and frustration by working with a mortgage broker. They help you to determine your maximum borrowing capacity and identify suitable lenders. Moreover, they guide you through complicated lending criteria and complete the necessary paperwork.
Advantages of Using a Home Loan Broker in Melbourne
- They help to minimise costs associated with multiple applications for mortgage loans.
- Simplify the loan-finding and loan assessment process.
- Reduce the time and effort needed to search the market for the best deals.
- They determine how much you can borrow and get an objective opinion on your chances of getting a loan.
Mortgage Broker vs. Bank Loan Officer
The following is the distinction between a loan officer and a mortgage broker. A loan officer sells mortgages and loans and serves an employee at a bank, credit union, or other lending institution.
They have a wide range of loans to finance property purchases. But, these loans are subjected to the institution’s lending policies.
On the other hand, mortgage brokers are independent operators. Lending institutions compensate them for bringing lenders and borrowers together. Besides, they work as freelance agents for different lenders on a commission basis.
Further, mortgage brokers have more flexibility in selecting the right loan for their clients.
OZ Lend has vast experience as one of Melbourne’s home loan brokers and has access to over 30 lending institutions. Our mortgage brokers help you find the best solutions within a time and cost-effective manner. We have the experience, expertise and local market knowledge to be your mortgage broker. Call us today on 1300 438 669 for further details on how we can help you get approval for your home loan.