If you have not used a mortgage broker before, chances are you’ll haveall kinds of questions about them. We’ve put together a few of the main questions to help you understand the process.
What are the advantages of using a What If We Finance Mortgage Broker instead of going to a bank or other lender?
The most obvious advantage is that a What If We Finance broker can give you access to a large range of lenders and their products. This means you are far more likely to get the home loan that’s best for your needs.
Convenience is another important benefit. Your What If We Finance broker can come to see you at your home or office and will fill in most of the paperwork – a big saving in time and hassle.
Managing your home loan application is another big advantage. Your What If We Finance broker will follow up with lenders and settlement agents to make sure that financing occurs at the right time.
Your What If We Finance broker can also advise you how to get any stamp duty relief or first home buyer grants for which you may be eligible.
What type of home loans are available from What If We Finance brokers?
Your What If Finance Brokers provides access to home loans from all the main banks, building societies and other lenders. In total, they can offer a range of over 1000 products from more than 30 lenders.
Do home loans cost more if you get them from a What If We Finance broker instead of direct from a bank?
No. The costs are the same. From the bank’s perspective, whether it pays a What If We Finance broker or an employee, either way there is a cost associated with selling a home loan.
Do I have to pay a What If We Finance broker to set up my home loan?
No. What If We Finance brokers are paid a commission by the lender that provides you with a home loan.
If I buy a home loan from a What If We Finance broker, do I still need to go to see the bank or other lender who provides the home loan?
No. This is all handled for you by the What If We Finance mortgage broker.
What documents do I need to take out a home loan?
- Proof of income, in the form of the past 2 or 3 payslips – if self- employed,you will need financials going back 2 or 3 years;
- Group Certificate or Tax Returns
- Evidence you have the required deposit, usually a bank statement showing the funds will be sufficient;
- An accepted offer of acceptance (i.e. signed by the vendor);
- If you have a credit card, a statement showing your credit limit;
- 100 points of ID – a passport or birth certificate and driver’s license is sufficient.
- Different lenders have different rules, your What If We Finance Mortgage Broker will advise on what you require based on the lender that is best suited to your needs.