Benefits of using a Broker?
In most instances, the service that Navigator Home Loans provides is free to the borrower. The lending institution pays Navigator Home Loans for processing and bringing them the loan. It is obviously cheaper for the lender if Navigator Home Loans meets with the client, explains the benefits of their product and helps the client to complete the application form and supply all the required supporting documentation.
Plus you get the following advantages:
Best Rate: Mortgage lending is a very competitive business. Often one bank will offer the best rate today while another will offer a better rate tomorrow. There is no one bank that you can count on for the best rate. At Navigator Home Loans we see daily the rates of the most competitive lenders.
Flexibility: Each bank has their products that they offer. Some lenders will only accept clients with perfect credit. Others require large down payments or full documentation. Some will do alternative loans types but are not priced competitively. We have relationships with multiple lenders and know which lender has the best product for your scenario.
Convenience: With Navigator Home Loans, you get personalised service. You can also call us after banker’s hours to answer any questions. Our aim is to so impress you with service and support that a mutually beneficial long standing relationship is formed.
Expertise: In the state of NSW, the MFAA (Mortgage & Finance Association of Australia), requires Accredited Mortgage Consultants to get 25 credits of continued education every year. Additionally all loan writers at Navigator Home Loans are required to meet a minimum education standard of a Certificate IV in Financial Services/Mortgage broking. We are experts in the loan process and at matching a borrower with a lender.
Mistakes to avoid
Some borrowers think or have been told that by going to the bank directly they will save on rates and fees. This is a mistake that can cost you thousands of dollars or even cost you the ability to get a loan at all. Here are some of the pitfalls you avoid by using Navigator Home Loans.
Too much shopping: Some people run around from one lender to the next trying to find the very best rate. Unfortunately, this can do more harm than good. First, when you apply for a loan, the bank conducts a credit check. Too many inquiries on your credit record can lower your credit score making it harder for you to get a loan at the best rate.
Going to the wrong lender: Lenders have specific loan programs. You may not be eligible for one lender’s program while you would be with another. Often during the verification process problems or issues are discovered. When you go straight to the lender, the lender becomes immediately aware of the problem and may turn you down. You will have to restart the process again with a new lender. By this time rates may have gone up or your purchase contract may expire. At Navigator Home Loans can help you identify the problem before it goes to the lender. Additionally, if a new lender is needed, then Navigator Home Loans takes you there seamlessly by using the same file.
Navigator Home Loans are a member of PLAN Australia (Professional Lenders Association Network of Australia) and a full member of the peak industry body the MFAA (Mortgage & Finance Association of Australia). Michael Platt is a Authorised Credit Representative (CR. 399245) of Team Navigator Pty Ltd (Australian Credit Licence No. 436673).