Navigating your own lending path.

Recently I’ve seen a spike in the number of people choosing to forgo the services of a professional Mortgage Broker and navigate their own way in the space of applying for a loan.

Now you might be thinking this doesn’t seem like a big thing, and if you are experienced enough and understand the landscape of banks and lending then it probably isn’t a big deal.

However, if you are inexperienced, or don’t fully understand mortgages and how they work it could end up costing you in the long run.

What do I mean by this? Well, do you fully understand the fine print of your mortgage contract? Do you understand all the fees and charges applicable to your mortgage contract? This includes both upfront, ongoing and finalization fees that are relevant.

You see a Mortgage Broker undergoes certain qualifications and has to meet certain education and training stands each year. Just like a Lawyer, Accountant or Financial Adviser they are a trained professional in their field. Their job is to find you the best home loan that meets your needs taking into consideration your personal and financial needs, goals and objectives. A Mortgage Broker is also governed by strict regulatory compliance, but the biggest advantage of having a Mortgage Broker in my opinion is that if you run into trouble your Mortgage Broker can help you through the mess. This applies to the beginning of the loan process, during the home loan and at the end of the loan. After all, things are always smooth sailing until they are not. Some pure online lenders do not deal with Brokers, and whilst this is legal I strongly encourage you to be careful when entering into a contract without seeking professional advice.