You have to consider several factors such as your financial situation, lending criteria, interest rates, etc. while obtaining a home loan. You also have to make a choice between many home loan products. Make the complicated loan process simpler by taking help of an expert finance broker.
Searching for a home loan is not like buying a pair of shoes or a shirt. Despite being experienced, many consumers have realised that finding a suitable home loan is riddled with complexities. If you are worried about obtaining the loan package, you can consult an expert finance broker. Don't confuse between a loans officer and a finance broker.
The Difference between a Finance Broker and a Loans Officer
You can get a home loan directly through a lender (e.g. bank, credit union, building society, etc.). If you decide to go through a lender, you will probably be dealing with a "loans officer" who will identify which of the lender's portfolio of loan products will suit your needs, instead of searching the entire market for a suitable loan.
You may also find that the loans officers employed by lenders expect you to have a full knowledge of home loans. They even ask you if you want a fixed or a variable loan. But, they forget to give you an explanation of what they are and how they work.
You can also go through a finance broker who has a full knowledge of how home loans work. They can explain to you the various credit policies and lending requirements for all lenders/credit providers as they deal with them on a regular daily basis.
So, before you start searching for your next home loan, you should seek the assistance of a professionally qualified and expert finance broker who will save you lots of time shopping around and is willing to provide you with a number of comparisons of the different interest rates and loan products available in the market.
Here is a list of reasons why finding an expert and independent finance broker can be beneficial for you:
>> They will methodically analyse your financial situation before undertaking a review and research of your individual needs and objectives;
>> They know the interest rates and lending criteria for different lenders/credit providers, and they can negotiate on your behalf;
>> They will help you put your loan application together and will obtain all the relevant documentation the lender/credit provider needs; and
>> They will work with you to get a pre-approved home loan (after you have decided which home loan product you want).
So, now you know that dealing with a loans officer employed by your local bank branch will limit your available choices of suitable loan products, and you will be required to do all the shopping around.
Truly, having an independent and expert finance broker on your side will save you lots of time and stress. It is because a finance broker will negotiate your eligibility for a home loan, not to mention get you the best deal that suits your individual needs and objectives.
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