There are no cons when it comes to using a local mortgage broker. Local mortgage brokers know exactly which banks or lending institutions you can apply with to get a mortgage approved at a good interest rate. They have mortgage calculators and can work out for you how much the monthly repayments will be according to your income or joint income, and can get a pre-approved mortgage for you too.
The property market is a competitive one and sometimes the only way to get a foot in the door is by having a pre-approved mortgage. This is something that a home loans broker can do for you. When you apply for a mortgage you can do it before you put in an offer on a home. This is a pre-approved mortgage and a home loan broker or mortgage broker will help you with the process. They will ensure you get the best possible interest rate and all the paperwork in place so that you get the house of your dreams and do not lose it to another prospective buyer.
Paying extra for a mortgage broker
Nobody should pay extra for a mortgage broker, ever. A mortgage broker will not charge you, and if they do, then you need to work with another mortgage broker. A mortgage broker makes their money out of the transaction, not from you. They will make a commission from the lender and this commission does not involve you directly. You will be paying for your mortgage repayments and interest, but this is not connected to the mortgage broker.
Borrowing money from banks or home loan institutions
Remember your mortgage is not necessarily going to come from a bank. You might think of automatically going to your bank to get a home loan, and this is right, but your bank might not give you the best interest rate. They are unlikely to negotiate either. This is where a mortgage broker comes into play. They will suggest you apply for a mortgage from several institutions, playing the one against the other, aiming for the best interest rate possible. The mortgage broker will also ensure all the paperwork is correct and help you with all the administration or undertake this on your behalf.
Get reviews on your mortgage broker
When you are choosing a mortgage broker in New South Wales, read reviews. Find out about their other successful mortgages and the interest rates. Also, don’t let a mortgage broker coerce you or encourage you into getting a higher home loan than you want to get. Work with someone who understands your constraints and budget.
Choose a mortgage broker who works in your area or with your real estate agent, and who has an excellent reputation. For example, if you are buying property in Newcastle, local mortgage brokers in Newcastle will be the right people to help you with this.