Buying a home is a huge financial investment. Not everyone has the financial capacity to buy a home or any other real-estate property in cash. So, home buyers look for home loans.
Now, finding a good and affordable home finance arrangement is a time-consuming and stressful process. If you try to obtain the best home loan on your own, you will have to find the best lender/credit provider and then try to convince him/her for loan approval.
Today, many smart home buyers do not undergo the trouble of finding a lender/credit provider on their own. Instead, they turn to finance brokers for obtaining a home loan. It is because finance brokers are home loan experts. They have the qualifications, knowledge and experience to guide you through the entire process of finance and insurance arrangements.
What do Finance Brokers do?
Finance brokers will work with clients:
>> To determine their borrowing needs and ability;
>> Select a loan suited to their circumstances;
>> Manage the process right through to settlement; and
>> Even beyond (i.e. post-settlement).
Many businesses use finance brokers:
>> To help them with their finance needs (e.g. car and equipment leasing); and
>> To help them when they are looking to expand the businesses.
What are the Benefits of using a Finance Broker?
Here is a list of some benefits:
>> They do all the legwork for you;
>> They have access to a wider range of loans;
>> They are experts in getting you loan approval;
>> They have greater industry experience and knowledge; and
>> They are required to meet strict Educational Standards and Professional Qualifications
What do Finance Brokers specialise in?
Finance brokers can specialise in several areas such as:
>> Residential Loans/Mortgages;
>> Refinance and Equity Releases (i.e. cash outs);
>> Equipment Leasing;
>> Chattel Finance;
>> Car and Personal Loans;
>> Business Loans;
>> Commercial Property Finance;
>> Medico and Pharmacy Loans;
>> Agricultural Loans; and
>> Arrange for your Insurance needs.
What does Panel of Lenders mean?
Brokers can only offer loans from the lenders/credit providers they are accredited with. This is called their panel of lenders. The lenders/credit providers will normally range from the large banks to specialist non-bank lenders and mortgage managers. The size of a panel of lenders will vary from broker to broker.
It is important that before you employ the services of a broker, you consider his/her panel of lenders. Remember that bigger the panel, higher will be your chances of approval.
Truly, having an independent and expert broker on your side is a huge advantage. You will be able to obtain the best finance arrangements that suit your needs without any stress.