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info@castlemortgages.com.au

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Why Should I See A Mortgage Broker?

There are many different reasons why a person should go and see a mortgage broker. Hopefully, when you have finished with this article, you will have a much clearer idea as to why you should go and see a mortgage broker in Adelaide.

How A Mortgage Broker Can Help

We would recommend seeing a mortgage broker mainly for the knowledge they can provide you with. Since the beginning of finance and home loans, more and more lenders have entered the market, creating an industry that is highly competitive.  All these different competitors are attempting to differentiate themselves from one another by offering either a niche product or service. If not that, they may be catering to a particular kind of client.

Gone are the days of having three or four leading banks, walking between them and checking which will be best for you. When we last checked, there were well over one hundred lending institutions that could be an option for a Mortgage in Australia. Adding to this, Australia has one of the most robust systems when it comes to keeping lenders in check with vetting processes. This can make finding a good match in a lender an obstacle course for the prospective client to scale.

Mortgage Brokers in Adelaide such as Castle Mortgages, will often have dozens if not more of accredited lenders on their panel. They will be very familiar with these institutions and should know their policy inside out. Join this with years of experience in guiding people through the process. And you have a bank representative for each of those lenders sitting in front of you. This person has no bias to a specific bank though and will let you know if the bank down the road has something more suitable. At Castle Mortgages, we also do not like to rush the process, so you are not on the clock as you might be when you visit a financial institution. We want to make sure you understand precisely why we recommend a particular institution and what the benefits are to you. You will have a wealth of knowledge and experience on your side. Another plus is our phones are on till 9 pm in the evenings.

It’s All About Your Convenience

Convenience is the next reason why you should see a mortgage broker!

The old way of getting a loan still exists, the one where you need to ring the bank. Hopefully, someone picks up the phone and puts you through to the right department. You will then see if you can make an appointment to go and see the bank in banking hours. This means coordinating diaries with your spouse and taking time off work, all in the hope that that lender has the right option for you. You may even line up a few appointments on the same day with a few other lenders and take the whole day off. A good Mortgage broker will see you when it’s convenient for you. Most of the time, this will be after hours in the comfort of your own home. We will be bringing with us the information from a whole range of lenders. This means that you are being much more efficient with your time and not having to go from branch to branch the Old school way. Not only is this for the first appointment but will carry on throughout the loan process, with competent mortgage brokers doing all the legwork with regards to documentation. Lets fast forward a few years and circumstances may have changed for that client, and they may want to refinance or now purchase a car. The loan consultant at the bank has moved on, or they need to chat with another lender. What that means for the client is starting the process again from scratch. As your local Mortgage Broker in Adelaide, we pride ourselves in getting to know our clients very well. Thus when you do want to do something else, we know you and have most of your information on hand. Making moving forward with something new, just that much easier. I often say to clients, and it still rings true. Most families have a family doctor that they use and trust, you should have a mortgage broker in the same capacity.

 We Have Your Best Interests At Heart

However, one of the most important reasons you should see a mortgage broker is for suitability!

After the royal banking commission, one of the trickle-down outcomes was that brokers and lenders need to ensure the “best interest duty ” applies to a client when putting them into a loan. What this means is that the loan should have the clients’ best interests at heart, and should suit in that way. That may not be possible if a client goes to see a bank, and they only have a few loan options, and due to sales like tactics force them to fit a loan.

Mortgage Brokers are paid roughly the same from lender to lender. It is thus in the broker’s best interest to try and make sure the loan they are providing the client with meets their needs and current circumstances. Brokers are paid, by the lender that the client eventually chooses. What suitability, also significantly, means that the finance fits the client pocket. A good broker will always check that the interest rates and fees that are associated with that finance are as low as possible. Doing that will ensure customers are happy and saving considerably during their loan term. Most Mortgage Brokers in Adelaide’s businesses are built up by word of mouth, so it is essential to look after their clients’ best interests as a minimum. However, this being said, we at Castle Mortgages love what we do, so it is our passion to make sure we are doing our best in looking after you. Suitability sometimes will also mean that you are not quite ready for a loan. A responsible broker will guide you into what needs to be done to get there in the future, rather than force the issue now, and set you up for failure.

At present, about 60% of all residential loans are written by Mortgage brokers. Clients are voting with their feet. It would appear. So, if you don’t have a good mortgage broker in your corner, it may be time to start looking. Hopefully, you don’t have to look too far, as Castle Mortgages are excellent mortgage brokers.

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