Looking to invest in another property that you can rent out? Congratulations! Investment properties are a fantastic way to expand your portfolio of assets and open up new income streams.
Now that you’ve made the decision to purchase an investment property, you might be wondering whether it’s best to use a mortgage broker or go it alone. Here are just a few of the many reasons why using a mortgage broker can be beneficial when purchasing an investment property.
Why use a mortgage broker?
1. Access to a wider range of lenders
A mortgage broker has access to a larger number of lenders, including banks, credit unions, and non-bank lenders. This means they can compare and provide you with a wider range of options, helping you find the best deal that suits your specific needs and financial situation.
2. Professional advice and expertise
Mortgage brokers have extensive knowledge of the mortgage market, including the different loan types, interest rates, and lending criteria. They can provide you with expert advice on what type of loan is best suited to your investment goals, as well as assist you with the application process.
A mortgage broker can save you time by doing the research and shopping around for you, helping you to avoid the need to approach different lenders individually. They can also help streamline the application process, making it easier and more efficient for you.
4. Negotiating power
Mortgage brokers can often negotiate better rates and terms on your behalf due to their relationships with lenders. They have a good understanding of the lending process and can help you present a strong application, increasing your chances of approval.
5. Cost savings
Some mortgage brokers may not charge you any fees, as they receive commission from the lender when a loan is settled. This means you can save money on upfront costs, as well as potentially save money over the life of the loan by securing a more competitive rate.
6. Ongoing support
Mortgage brokers can offer ongoing support throughout the life of your loan, including assistance with refinancing or renegotiating the terms of your loan. They can also provide advice on other financial matters, such as insurance or investment strategies.
What are the benefits of using a mortgage broker?
In summary, using a mortgage broker for an investment property can provide you with access to a wider range of lenders, expert advice, time-saving, negotiating power, cost savings, and ongoing support. These benefits can help you make an informed decision and achieve your investment goals more efficiently.
At Perry Finance, our team of dedicated residential and commercial mortgage brokers has years of expertise providing tailored debt strategy advice through extensive product/finance industry knowledge. Speak to us for a one-on-one consultation today.