What does a Mortgage broker do?

When: Mon 03 Oct 2016
What does a Mortgage broker do?

 

I’m talking with Rod Maher, of Apex Strategic Loan Solutions, who offers an alternative to those seeking a great home loan offer.
 
“Rod, to the uninitiated, what does a Broker do?”
 
“We give you more choice basically. Most people go into the bank they’ve always used and ask what they can do for them. The bank will offer them a product, but sometimes the bank will offer a product that will equally advantage the bank as the client.”
 
“What do you mean more choice?”
 
“Well, I have no affiliation with any one lender, I can at any time, be talking with up to 30 lenders, who will all be offering different products and services” Rod says.
 
“But why is this important?”
 
“Because competition creates a better deal for the borrower. Effectively, they are battling for your business. Banks are very competitive with each other. What a good broker will do is seek out the best product for your situation and pitch it to several lenders, not just one and then we wait to see who comes back with the best deal for you.”
 
“Sounds like a lot of running around! But is it expensive to use a broker?”
 
“Not at all! That’s the best bit about it” Rod explains. “A broker will get paid by the lender after the loan is approved. We do all the leg-work for our client, effectively for free to the borrower and whichever lender offers the best, most competitive deal will pay me for my time.”
 
“So, it can cost me nothing?”
 
“Exactly. The lending institution pays me and my client gets the best deal available.”
 
“Then, if you are a financial expert and you offer this service for free, why aren’t more people using brokers?”
 
Rod laughs, “Well, it is catching on!”
 
Whether you are looking to purchaser your first home, forever home or investment property at Warralily choosing a mortgage broker is something to consider.  It makes sense to explore all options to choose what is best for you and your financial situation. For more information on how Apex Strategic Loan solutions can help you call 1300 368 580. For more information on choosing a mortgage broker visit https://www.moneysmart.gov.au/borrowing-and-credit/home-loans/using-a-brokerp

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