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Can mortgage brokers get better rates?

Want to know where to find a mortgage? We’re here to help with our assessment on whether mortgage brokers really can get better rates.

Can mortgage brokers get better rates?

Absolutely – mortgage brokers can certainly get you better rates. How? By choosing a whole of market mortgage brokers you will receive access to hundreds, maybe even thousands of lenders up and down the country. They are trained to find you the best deal for your circumstances and have an eagle-eye for a good deal. You can even have access to exclusive deals that aren’t on the open market.

Mortgages are not just about the rates. The length of the mortgage term and how you are expected to pay back the loan are also key considerations. Essentially, mortgage brokers can go a step further than just getting you better rates, they can look at the bigger picture to bag you a better deal all round.

How good a rate you can get will still depend on a number of factors.

Your financial circumstances for one may limit your options. You may also have preferences on how you want to pay back your mortgage. For instance, if you want a fixed-rate mortgage that isn’t attached to fluctuating interest rates then you may have to make a little bit of a compromise on the rate for that added financial security. But this would certainly be worth it if it gives you peace of mind.

What are your other options for finding a good mortgage rate?

By all means, you can research mortgage rates on your own by scrolling through price comparison sites or approaching lenders directly. Sometimes lenders offer good rates if you go to them directly. But doing your own mortgage search can be time consuming and you wouldn’t have anywhere near the level of access to the market as a mortgage broker has.

Even if you don’t want to choose a mortgage deal through a broker, you should get advice on any mortgages you’re seriously considering before signing your name on the dotted line. A mortgage broker will offer honest, impartial advice and will be able to effectively review whether the option you’ve chosen is suitable for your circumstances. You will also have more financial protection.

The bottom line

Sometimes a varied approach to finding a mortgage can be beneficial. But your final decision should be made with advice from a mortgage broker.

Whether you’re looking for your first home or a remortgage, mortgage brokers can do all the hard work and are dedicated to finding you a better mortgage rate.

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