in your best interests
We should be clear here though - not all banks are equal. At any given time some will have stricter lending policies than others, some will offer more attractive interest rates, terms and ‘cashback’ for certain deals etc. And this information isn’t advertised!
How, as the customer, you are expected to know which bank to approach is hard to fathom. Unless you have a mortgage broker in your corner of course!
By ‘employing’ (and I use that term loosely as the vast majority do not charge the customer for their services) a qualified, experienced mortgage broker you can take advantage of their inside knowledge. They may not be bank employees, but they are updated on the banks new policies, aims and criteria regularly - and this can really help ensure your application is given the best chances of approval.
A mortgage broker can ensure the your application lands on the right desk (of the right bank) depending on your needs/plans. They can also ensure you application is presented in the best light. It is in their best interests to ensure your ‘case’ is as strong as possible, and if that means fighting on your behalf then that’s what they’ll do. Is a salaried bank employee likely to fight on your behalf to the same extent? I doubt that very much!...
Mortgage brokers have built up relationships with all the main banks, and this is a massive advantage for the customer. How would you know if you are being offered the best deal if you only approach your current bank? An experienced mortgage broker can approach all of them - at no cost to you - in no time at all.
By having an experienced negotiator, who has seen lots of similar deals (so they know what can be achieved) you are putting yourself in the strongest possible position.
So, the first step is to engage a mortgage broker.
Key Elements of a Strong Application
Filling in the forms is all pretty straightforward, but if you’re not quite at that stage yet there are a few things you can do to ensure your application will be viewed as favourably as possible.
A great way to start the whole process is to touch base with us and let us know your plans. Whether you are months away from buying or you’ve just found the perfect house it is never too late to get assistance, and some expert advice.
Brian MacLean looks into tips, ideas and strategies you can use to get ahead financially..