What does a mortgage broker do? Why should you use one?
If you’ve not used a mortgage broker to help with your loans before, you might be wondering how they can help you.
After all, can’t you just talk directly with the bank to arrange your loan?
Well, yes. Technically you could.
But with 74.1% of home buyers choosing to work with a mortgage broker instead of talking directly to a lender, here are a few reasons you should consider working with a mortgage broker too.
As mortgage brokers at MMO, we work in your best interest
Mortgage brokers are bound by the Best Interests Duty. This is a set of regulatory requirements we’re legally obliged to follow, or we face serious consequences.
This means we are required by law to always put your best interests first and only provide home loan options that are suited to your specific lending objectives.
Whilst this Best Interests Duty become law in 2020, acting in our client’s best interests is something we’ve always done at MMO. (Because you don’t reach 24+ years in business without always putting the needs of your clients first!)
Banks are not bound by this Best Interests Duty though. The person you speak to at bank is under no obligation to recommend a loan product that suits your needs or objectives. You could end up with a loan product that puts you in a worse financial position because they don’t even need to offer you the best rate possible!
As mortgage brokers at MMO, we’ll compare all the options
We have more than 50 lenders on our panel. So, when we’re investigating which lending option is going to suit your personal situation, we’ll compare the loan products from many different lenders to find the one that suits you best.
Each lender has their own unique lending policy and eligibility criteria. Which means some lenders are better for self employed borrowers, some are better for borrowers who have lots of overtime/shift allowance income and others are better for First Home Buyers.
If you deal directly with the bank, they can only talk to you about their own products. And if they happen to be a lender who doesn’t have great policies that accommodate (or suit) your own situation, you won’t even know. This results in you not securing the loan amount you’re after, or being locked into a loan paying a rate higher than necessary.
As mortgage brokers at MMO, we can help guide the way
Buying a home is likely to be the biggest purchase you’ll ever make. And there are lots of little details along the way you want to get right. Otherwise, the entire process can be a whole lot more costly than it needs to be!
Buying a home is something you may do only a handful of times in your life. So wouldn’t it be helpful to have the support of a team who have helped thousands of clients purchase thousands of properties over the years?
Using our extensive experience, we can detect things before they become issues. We can act as a trusted guide to help you navigate the complex process of buying a home with ease and confidence.
As mortgage brokers at MMO, we’re here for the long term
We can confidently say, we’re here to help you over the long term. We’re not a newbie at the bank you’ll meet with once and never see again.
We’re a dedicated family team of mortgage professionals who absolutely love what we do. (If not, we wouldn’t still be doing some 2+ decades later!)
You and your home loan are likely to be together for a while. And we’ll be there, right along with you.
Our regular home loan reviews provide reassurance that your loan continues to be the right option for you, even as your life changes and evolves. We absolutely hate seeing homeowners pay more to the banks than they need to. So, we’ve taken it on as our personal mission to help ensure that doesn’t happen.
Like to know more about how we can help you?
Get in touch with our team today.
