There are plenty of good reasons to use a mortgage broker when you need finance to build your new home. Of course it is easy to say you should choose a mortgage broker instead of the bank, and there are some good reasons for this, especially for a new build where good mortgage advice is critical.
Let me explain two reasons why we say this;
- Making sure that you have the correct loan structures
- To ensure that you get the best interest rates
For any home owners these are good reasons to use a mortgage broker.
First Get The Loan Structure Right
Most people tend to focus on the interest rates that the banks offer and think that a lower home loan interest rate equates to a better loan when the fact is that getting the correct loan structure is the most important factor and will generally make the biggest difference to the actual interest paid over the term of the loan.
Banks have a range of different types of home loans and while they might seem to select the best home loan we know they will not tell you to go to another bank if they knew that what they could offer was not going to be the best home loan for you.
Of course mortgage brokers we help you find and manage a home loan that suits you and your individual situation and needs both to ensure that you get the best home loan now and that changes are made as required during the time that you have the home loan. At The Mortgage Supply Company we can assist you in making a well informed decision about something that will affect you and your finances for a good number of years.
What About Interest Rates?
Of course getting competitive home loan interest rates is very important too.
A low home loan interest rate can make a big difference to your repayments and more importantly it makes a difference to how long it will take to pay off your mortgage.
Remember it is not just about getting the lowest interest rate right now – it is really about getting competitive interest rates throughout the term of your loans.
Great Reasons To Use A Mortgage Broker
A good mortgage broker has access to a number of banks plus non-bank lenders and this means that the broker has the ability to source the best home loans and then to ensure that the lender offers you the most appropriate loan structure and the best mortgage interest rates.
Anyone can use a mortgage calculator, but your broker or adviser will also explain the various loan options to you and step you through what needs to be done to get the best from any home loan and ultimately pay your home loan off faster.
These are a couple of good reasons for any home owners to use a mortgage broker.