You have finally found your dream house and now you’re exploring alternatives for the best mortgage to get hold of the house keys. Or you’re planning to grow your business and looking for low cost financing options. Here’s a quick guide for you to make the right choice. There are a variety of different ways to finance a mortgage, but let’s just focus on two specific channels, mortgage brokers and banks.
There are mortgage brokers, who act as your personal loan janitor and guide you through the complicated lending process from the start to the finish. They apply for loans with various lenders on your behalf, find the lowest mortgage rates, negotiate terms and get the loan approved. And then there are banks and lenders that work directly with homeowners to supply mortgage on the retail level.
A short time ago, most of the people headed straight to the nearest bank when deciding to apply for a mortgage. Yet over the past few years, people have lost trust in Bank’s competency to shepherd them through the lending process. And more recently, the complex rules and lengthy bureaucratic processes have caused people to shift their preference from banks to brokers. Now over 60% loans are taken out using a broker.
Having trouble finding the best mortgage broker Melbourne? The three key features to look for when deciding between mortgage brokers are the number of loans they offer, the amount they will …Read More