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Benefits of Using a Mortgage Broker
 
 

Can help find the right loan

 

Of course the number one reason is that a mortgage broker can help find the right loan as the best deal is not necessarily the cheapest advertised rate. A good Mortgage Broker will examine your circumstances and future plans to recommend a loan that is right for you. Having an appropriate loan which works for you can help you save more money in the long run.

 

Greater Choice and Save Time

 

Brokers have access to many lenders therefore they are able to search across all their products and within a couple of hours have the best loans for your situation sent to you at any time. This would take days or weeks of your precious time for you to do yourself. A good broker will take care of the work with the lenders. Once you have supplied the needed documents they will take over and liaise with the lender on your behalf. 

 

Help to Maintain Industry Competition and Lower Rates

 

Mortgage brokers along with non banks and credit unions are responsible for keeping the banks honest and competition in the market. Before brokers were such a trusted source for clients the bank margins were nearly 2 % higher then today. If there is a deal that is close or similar through a broker or non bank it benefits everyone if that avenue is supported. If everyone was to go direct again like the old days their margins would rise again and in the long run we would all pay more.

 

Help Avoid Unexpected Pitfalls

 

Many products seem to offer a great deal but they could have penalties, fees and charges you may not be aware of. Or, they may not offer the flexibility you require in the future. A Mortgage Broker can help you avoid taking out a loan you might later regret by showing you the true cost of the chosen loan.
 
 


 
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