Where is the Best Place to Get a Mortgage?
In Australia, 91% of mortgages are held by 10 banks. Thereafter, mortgages are held by small banks, non-bank lenders, and credit unions, among other financial institutions. The lending sector has evolved rapidly to a changing labor market and economic conditions. There are far more mortgage options today than there were a decade ago. When you’re ready to start the homebuying process, there’s a lot of information available to you. You don’t know if you’re getting the best loan terms without shopping around.
The average home buyer spends 10 weeks viewing homes before they make an offer. It takes another three to four months to find and close on financing. Then, there’s the closing period that takes another four weeks. This timeline can be significantly shortened if you opt to work with a broker.
Brokers are paid by the lenders on a commission basis when a loan goes through. The best time to work with a mortgage broker is when you’ve completed some research but haven’t made any strides. First-time homebuyers can get in touch with a mortgage broker right away. It saves time and a broker helps you navigate the process. They can point you toward an online home loan calculator that helps you see the bigger picture. Brokers also help their clients prepare their paperwork and set their expectations.
Best Place to Get a Mortgage
The best place to get a mortgage is with a lender that you believe has your best interest. In many cases, the best place is a non-bank lender, such as Mortgage House. We offer competitive rates and flexibility that a bank cannot provide. We also work with mortgage brokers who introduce their clients to our loan specialists. For more information, contact us today.