Before taking out a home loan, it is essential that you compare lenders and their products first to know what your options are and to get the most suitable deal for your personal situation. There are three ways you can do this:
- Speak to as many lenders as you can yourself;
- Use a comparison website; or
- Talk to a mortgage broker.
The first option is very time consuming and inconvenient. Also, if you don’t know the right questions to ask, you may not get the right information.
As an alternative, using a comparison website, you’ll be asked to fill in a form after which you’ll be given several products to choose from. It’s quick and you can do it in the comfort of your own home, but how does it compare to using a mortgage broker?
A mortgage broker gives a human touch to finding loans
The biggest difference between using a mortgage broker and a comparison site is the level of professionalism and knowledge you get from using a mortgage broker. Your broker will ask you the right questions in order to get to know you, your financial circumstances and your objectives, and then match you with the right loan.
Mortgage brokers are are able to factor in things that generic forms cannot cover. They will still ask you about your salary, your debt, and what you’re looking for in a loan. However, they can also get into your specific needs as a borrower and take into account a whole range of variables, such as whether you are planning to make lump sum repayments to your loan, thinking of starting a family soon or even get you a better deal based on the other loans or accounts you have. Comparison sites cannot do this.
Having more options to choose from
Comparison sites only show you a limited set of options based on your answers. This means that there’s a probability that you’re missing out on other more appropriate loan products because the system wasn’t able to display them.
Mortgage brokers on the other hand, can provide you with a thorough assessment of loan products that would be suited to your circumstances. If your circumstances are slightly “out of the box”, your broker can take that into account when recommending a loan product. A comparison site cannot.
If you’re considering taking out a loan, remember the personalised approach, along with the expertise and knowledge you will benefit from by using a mortgage broker. Your broker will ensure that the recommended loan product matches your objectives and budget. Your broker will also assist you through the application process right through to settlement.
Get in touch with us today to book in a consultation to discover the options available for your loan and experience superior service from the whole team at Launch Finance.