Thinking of selling your property?
This article was written by Rebecca Taylor from MyLocalBroker.
The logistics of buying your first house can be daunting. Aside from the hours of house hunting, you’ll most likely need to get a mortgage – and there are quite a few steps involved in obtaining one. Luckily, there’s a whole industry of people waiting to help you out, and what’s more, their services are free!
Mortgage brokers play a few roles in helping you get that house. They act as a kind of middleman between you and the bank or lender. They’ll sit down with you and assess your finances first, as well as establish your individual needs. You’ll provide documents to support your financial status so that they can determine your borrowing power. Next, they’ll establish a loan amount that works for you and decide which loan type is best.
They’ll shop around for you (arguably the best part of utilising a mortgage broker) so you don’t have to go through the process yourself. That’s a lot less paperwork for you, plus a lot of time saved!
At the end of the day, you have veto power over all of these decisions. But your broker is there to help and guide you. Read on to learn the other benefits of engaging a mortgage broker:
1. Find a property
Given their experience and industry knowledge, mortgage brokers are well placed to help you find the property you’re looking for. They can advise you on where you can afford and the best time to purchase. They’ll be able to tell you if it’s good value, a good investment or if you should keep looking. Advice from your broker is free, so it pays to make the most of it.
2. Organise a conveyancer or solicitor
Sometimes it feels like conveyancers and/or solicitors speak another language. A mortgage broker is a good translator. Plus, brokers will have conveyancers/solicitors they trust on speed dial, saving you time and the hassle of choosing one from the web.
3. Organise a building inspector
Conducting a building inspection and knowing the condition of a property (especially an older property) will help you avoid extra costs down the track – so getting your broker to organise a building inspector is always a good idea.
4. Organise a pest inspector
Before purchasing a building, it’s important to have a pest inspector come and evaluate the property. The last thing anyone wants is to realise their brand new dream home is filled with termites! Your broker will be able to organise an inspection alongside the building inspector.
5. Recommend a real estate agent
Unless you are a first home buyer, chances are you’ll need to shift from your old property to afford a new one. A good mortgage broker will have relationships in place with real estate agents who can help you sell your property for the best price.
6. Hire a furniture removals company
Once you settle on a property, it’s time to move in. Make things easier on yourself and have your broker hire a removalist for you! Getting settled in a new place is stressful enough without the hassle of moving your own furniture. This also frees you up to pay attention to more important things on the day.
7. Disconnect and reconnect your power
Another way of making life easier! Disconnecting and reconnecting your power service takes an unnecessary amount of time, and also means calling many people and sitting on hold. Your broker is here to help with that as well, so let them take the burden. This way, you’ll know you can settle in and watch Netflix after a long day of watching the removalists work.
8. Redirect your mail
Changing your address means countless phone calls and potentially some paperwork. Save yourself some time and energy and ask your broker to set this up for you! No worrying over missing letters and no guilt over putting off sorting it out!
So you see, a local mortgage broker can be handy for more than just negotiating with the bank! There are all sorts of ways brokers can make your life easier, and what’s even better is they’re happy to do so.