Why A Mortgage Brokerage Is Best For First Time Home Buyers
An exciting milestone many individuals and families may embark on is purchasing a home. There is nothing quite like moving into a place that you can proudly proclaim is your own. It might take quite a bit of work to get this achievement, but it is certainly one that most find rewarding.
One of the first things you'll need to do—before moving in—is securing the financing to buy the property. This is where first-time homebuyers are often riddled with options and might become flustered. There are two fundamental options to choose from, securing a loan directly from a lender or working with a mortgage broker. The lender is who is giving you the money, and a broker can connect you to a lender. Let's go over why it's perhaps a better choice to partner with a broker over dealing directly with a lender.
Access To More Loan Options
One of the best reasons to work with a brokerage is the number of loan options. When you're a first-time homebuyer, there are often loan incentives, better rates that you can get. However, not every lender offers the same loans, rates, and terms. This means you could be working with one lender and completely miss out on a better loan that fits your needs. Think of working directly with a lender as car buying. You may want an SUV with heated leather seats, and the only option available is a smaller two-door coupe. When you work with a broker, you'll have access to not just one SUV but different brands, with colors, options, etc. Bringing it back to home loans, it's important to have more options available so that you get a loan tailored to what you need, including the amount being financed, interest rates, and repayment time.
Works With A Variety Of Lenders
A brokerage is able to give you a variety of options because they work with various lenders. Not all brokerages are created equal. Some only work with a few lenders, and others have a robust list of heavy hitters in their lineup. For example, Orange Mortgage and Finance Brokers work with over 12 of the leading Perth lenders.
Continued Service (Even After Closing)
Brokerages are there long after you've closed the loan. You can go to a brokerage when you have questions, desire better options for repayment, or even if you are considering refinancing to a lower rate later on. Orange Mortgage and Finance Brokers continue to provide service, including checking in periodically to make sure your situation hasn't changed or if you need to look at different loan solutions.
Orange Mortgage and Finance Brokers have helped numerous individuals fulfill their dreams of homeownership. If you're considering purchasing your first home, start the process with a mortgage brokerage that cares. Visit our website https://www.orangefinance.net.au to learn about financing options with incredible lenders throughout Perth.