MORTGAGE CONSULTANT VS THE BANKTom Uhlich
So many of my clients have been going straight to their own bank for years before finally coming to see the Boss.
There are countless reasons why it pays to use a mortgage consultant when shopping for your home loan, and even if you want to use your own bank for your mortgage, you can still use a consultant to help process paperwork and manage the application on your behalf, plus there is no direct cost to you.
But if your heart’s not set on using a particular lender, a consultant can be your best friend. Here are my six arguments as to why every borrower should seek out a qualified mortgage consultant when trying to obtain property finance:
When you sit in front of a consultant you are sitting in front of 40+ banks and thousands of products versus visiting a banker who has access to only one bank’s products.
Ask your lending manager how long they’ve been helping people with home loans. Consultants often own their own businesses and are committed to their clients in the long term, with many years of industry experience. Banks are big companies; they move their staff around and reward good performers with promotions away from their customers. If a consultant doesn’t find you the best deal and you don’t take the loan with them they don’t get paid! It is in their interest to find you the best deal.
3. Follow Up
Following up the progress of your loan application is time consuming and frustrating. At Boss Money our Client Care Managers look after you from lodging the loan to settlement and beyond. A Bank will do the loan and then you are on your own to make sure everything comes together at settlement. Dealing with the bank can often mean dealing with a call centre from another country.
4. Personal Banker
Your mortgage consultant is ‘like the perfect personal banker’ . They know what needs to be done, they make sure it happens and because it’s their own business, they’re in for the long haul. Bank staff change often so even when you find a good personal banker they change jobs before you know it.
5. Expert advice
Mortgage Consultants are experts in the mortgage industry, they only focus on mortgages whereas a bank focuses part on mortgage but also on transaction accounts, credit cards, insurance, personal loans and car loans.
6. Power of accessibility
Mortgage Consultants understand the power of accessibility – our priority is our clients, and if that means working with you outside of the Monday to Friday, 9am to 5pm, then we will do it. How many banks will come out to your house at 5pm on a Sunday? Or attend an auction with you? Or take your desperate call at 10pm.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a Boss Money Mortgage Consultant can help. Access loans from 40+ lenders, get help with paperwork – plus there is no charge for this service.