Do I Need A Mortgage Broker?

When you are embarking on the journey to buying your first home, figuring out how to get started can be quite confusing. You might have heard some people chatting about having a mortgage broker (sounds a bit fancy doesn’t it). So if you are asking yourself ‘Do I need a mortgage broker? What do they even do? Can I afford one? How do I get one?’ then firstly calm down, and secondly get comfy, because we are going to answer all of your questions.


What do they even do?

A Mortgage Broker is essentially a person that ‘brokers’ the deal between you and a lender to get you a home loan. The benefit of having a mortgage broker though, is that they will first assess your circumstances and goals, and then they will give you some options of what banks or lenders that are most likely to approve your loan. They will also let you know which lenders have the best rate from your options, potentially saving you money. They will then help you to apply for the loan and offer you advice on how to make your application have the best chance of being approved. You can even chat to one before you are completely ready to get a home loan and they will tell you what you need to do to get ready.


Can I afford one?

Well hold onto your hats… this is the best bit. They are actually free. Wait what?! Why would anyone want to do that for you for free? Don’t worry, your faithful mortgage broker does get paid. Not every set up is the same, but usually, they get a nice fee from the bank you choose to go with for helping them get a new customer. Phew.


Do I need a mortgage broker?

In order to buy a home you don’t have to get a mortgage broker. You can go directly to a bank and ask them for a home loan if you want to. So technically you don’t need one. But why wouldn’t you want one? They make your life easier and increase the chances of you getting the best possible loan approved.


How do I get one?

If you are thinking of buying a home and want to find a mortgage broker, we have good news! First Home Hero offers this service as part of our process. Once you fill out our form, you will be called by an expert and assigned a mortgage broker to help you decide what bank to go with. Your First Home Hero broker will then help you apply for your loan, and make sure it all runs smoothly.

If you’re ready to get started, fill out the form on our homepage.