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By: Staff reporter
Mortgage Brokers have proven themselves to be the first port of call for borrowers seeking mortgage advice.
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According to Mortgage Choice’s 2010 First Home Buyer survey, 24 per cent of first home buyers would seek out a mortgage broker first for advice on their home loan, followed by their parents at 22 per cent.
Mortgage Choice senior corporate affairs manager Kristy Sheppard said the desire to use a mortgage broker as a first point of contact was a telling sign that mortgage brokers were perceived by property buyers to be professional and a valuable information source.
“It is terrific to see today’s first homebuyers trust and value the guidance of their mortgage broker. Parents can be a good starting point for general questions about the property purchase process but the mortgage market is constantly changing so it’s crucial to get up to date information,” Ms Sheppard said.
“A reputable mortgage broker can help borrowers navigate the mortgage minefield and find a loan tailored to their situation, prepare for lending requirements, process their loan application and advise of any concessions that may be available. They’ll then help them with any changes, questions or home loan ‘health checks’ in the future.
“Well informed borrowers can make the most of their circumstances by utilising every resource available, then possibly enter the market sooner using strategies such as saving a larger deposit, preparing for rate rises sooner and sharing the responsibility of home ownership.”
