Mortgage Broker Ongoing Support
First of all, they’re going to monitor your rate going forward. This is very important. It is going to save you money by ensuring you have the best possible rate that meets your financial goals. If there seems to be some room for movement on the interest rates, they’ll negotiate on your behalf.
They’ll complete rate challenges with the lender to ensure you are getting the best deal from that particular lender. Now, if that lender can’t come to the table, they can then assist with refinancing. They’ll be able to put together a really good proposal and handle the documentation and application process to get you a better deal.
If your goals change, you sit down with your mortgage broker and complete a loan structure review. This should be done annually to ensure everything aligns with what you want for the future. Things change, so you might need to consider debt consolidation. A mortgage broker can assist with this because they have a network of lenders who can help consolidate your debts if required.
For new and additional financing, you might be looking to renovate your house, purchase an investment property, or upgrade to a new home. Your mortgage broker will help you secure those additional finance needs.
As you get older, people tend to earn more money. An annual review will involve sitting down and discussing your repayment strategy. Do you just want to pay off your home as quickly as possible, or do you want to access equity in your home to purchase an investment property?
Your loan repayment strategy should be reviewed regularly.
Ongoing support with the bank and its products, they should be able to assist you with any issues related to the lender’s products. That could include offset accounts, redraw facilities, or simply when you’re banging your head against the wall with the lender and getting nowhere.
And finally, financial health check-ups. The annual review will ensure that you are generally in a strong financial position and that everything aligns with your goals. It’s really important that the broker you choose provides ongoing customer service, acts as your advocate, remains your main point of contact for any loan-related queries, and builds a long-term relationship with you.
How Ongoing Mortgage Broker Support Helped a Customer Save Thousands
Gloria and David purchased their first home with the help of their mortgage broker. At the time of settlement, the mortgage broker secured them a competitive interest rate. However, the support didn’t end there.
A year later, the mortgage broker conducted a rate review and noticed that interest rates had dropped. They negotiated with the lender, successfully reducing the rate, saving Gloria and David $250 per month. Over the life of their loan, this translated to over $90,000 in savings.
A few years later, Gloria and David wanted to renovate their home. Their mortgage broker helped them access equity in their property, securing a loan with flexible repayment options. They also advised them on structuring their mortgage to ensure they could comfortably manage repayments.
A Loan Review to Free Up Cash Flow
When their second child was born, the mortgage broker conducted another loan review and suggested a strategy to consolidate debts and free up cash flow. This helped them manage expenses while still paying off their mortgage efficiently.
Thanks to their mortgage broker’s ongoing support, Gloria and David saved money, reduced financial stress, and achieved their homeownership goals faster. Their experience highlights the long-term value of a mortgage broker beyond just securing a loan at settlement.
