Knowledgeable and professional advice is the most valuable tool you can have to hand as you prepare to invest in your first home. Those that opt to navigate the process alone are faced with a number of issues that could be alleviated with the help of a broker.
The risks of not using a mortgage broker
The biggest downside to going solo is the inability to find the best deal because of time pressures or lack of knowledge surrounding the mortgage market. An experienced mortgage broker will have a plethora of reputable lenders on call and will have the insight to be able to identify the mortgage that is right for your individual needs, not to mention value for money.
Another negative aspect of moving forward without the aid of solid advice is getting bogged down in the “jargon”. From fixed and variable rates to cashback offers and even certain government-led schemes you may be eligible for without even realising they exist, it can be difficult to choose the right mortgage path without someone close by to explain everything in simple and concise terms.
However, the main problem with going it alone is just that; you are alone on the journey with no reliable advisor to turn to when a million questions pop into your head at any hour of the day.
As a first-time buyer-to-be with a view to owning your own home in the near or not-so-distant future, you are no doubt already swamped with information overload on what you should, shouldn’t or definitely shouldn’t be doing with your disposable income. Every well-meaning friend or family member will offer their two cents, but a mortgage broker is well-positioned to give you professional advice on how to become a prime mortgage candidate by adopting certain approved saving practices and eliminating or reducing any outstanding debt you might have.
Aside from setting you straight on the path towards becoming a homeowner, what are the other benefits of consulting a mortgage broker?
Benefits of using a mortgage broker
Most importantly, as an unbiased party, a mortgage broker will have your best interests at heart and won’t try to sway you towards one lender or another. The main aim of impartial brokers such as Symmetry Financial Management will be to find a mortgage plan that will match your financial situation and personal objectives. Furthermore, we have access to a wide range of mortgage providers and are well positioned to secure you the best deal possible.
As well as saving you money, opting to acquire the services of a mortgage broker will also save you time – in more ways than one. Firstly, the process of saving for, applying for and drawing down a mortgage is hugely time consuming and can take up to 60 hours to complete.
With a job, a family or whatever else you may have to give your attention to in your personal life, carrying out the process in its entirety by yourself will require an investment of both your time and money. By working with a mortgage broker who will fill out all forms and liaise with lenders on your behalf, the hours you will have to spend gathering paperwork and other required documentation will be minimal.
Secondly, a mortgage broker will know the process back to front. Having someone with that level of insight and expertise in your corner will significantly speed up proceedings and in turn, shorten the time span from mortgage application to owning the home of your dreams.
What to consider when choosing a mortgage broker?
Although the pros of consulting with a mortgage broker are clear, it is important to watch out for a few warning signs when choosing the right firm or individual for you. It is advisable initially to enquire about their fee; will this be at your expense or do they collect it straight from the bank that will inevitably provide you with the loan?
It is also vital to do your research to ensure they have the experience necessary to source the best deal they can get for you. Depending on relationships between brokers and lenders, financial institutions usually offer a mortgage broker the same deal as they would offer you if you went about the process independently, so good reviews and a proven track record for customer satisfaction is a must.
Symmetry Financial Management ticks all of the boxes above, with any fees incurred on behalf of a customer paid directly by the chosen mortgage provider. Offering impartial advice, we do not favour any banks, meaning any deals brought to the table will be selected based on your specifications and requirements.
To find out more about how Symmetry Financial Management can guide you seamlessly through the mortgage process, get in touch today.