Many refer to the 'good old days' for a variety of reasons... one of them is that once upon a time you had a bank manager that knew you and your family personally, they took an interest in you, and with the greatest of sincerity assisted you in your financial endeavours. Even if you only re-visited every ten years, they still knew what was going on and you didn't feel like you were telling a stranger your life story all over again just to get a top up on your home loan.
Today, we usually feel like just another number when we walk into a bank or financial institution to apply for a loan. Each time you go you are met with yet another unfamiliar face. Thankfully it doesn't have to be that way. The 'good old days' don't have to be a thing of the past! This is where using a broker really is beneficial. Not all reasons have to be financial - they are also personal! Your broker is someone who will not only know you, but also stay in touch and be interested in you and your family. In many cases it is not only home loans that your broker can assist you with - many are also able to arrange personal loans, insurances, deposit bonds and other financial products. How much easier it is to pick up the phone, say hi and make an appointment with someone you know and can trust for all of your financial needs.
This leads to another great service offered by brokers - in most cases they are happy to come to you at a time convenient to you. No more taking time off work, getting the kids baby-sat or rescheduling your life to fit in with the 9-5 opening hours of a lender.
Yet another reason is that brokers are not biased - they have no ulterior motive in writing your loan with a particular lender or product. Brokers are required to disclose their commission to you so you will always be aware of how, and how much they are paid! They are not limited to the products offered by one lender only.
Particularly in the case of buying a home do the services of a broker shine. With your authority, they will liaise with your legal team and also the real estate agent ensuring the entire process runs as smoothly and as efficiently as possible. This removes the additional running around, phone calls and stress that someone else would have... that someone else is you by the way!
Finally, let's face it, the more competition there is out there, the better off we all are. There are no end of complaints about the monopoly of a market in any industry. Having brokers out there representing so many lenders keeps the market - including the big guys competitive - and honest... well more honest at least.
I'm sure you will agree that there are plenty of reasons to be confident in using the services of a broker. I hope these articles not only highlighted this but also helped you in some way understand the finance industry and the important role mortgage brokers play.