If you want to get the most out of your Mortgage and Finance Broker then you need them to add value. If you value saving time, reducing stress and hassle, potentially saving money, by finding a better product than what you would have found on your own, or you like the idea of getting a better loan solution, one that is best suited to your needs, then that’s where a Broker can help.
Of course you can organise your own loan or finance, you don’t need a Broker to get a loan. One thing, however, people often underestimate is the time and effort it takes. And the quality of what you end up with is so often dependent on how good your research is. Then there is understanding the terminology, the bank policies, and how to make them work for you, and what the benefits will deliver for you. At best this can be time consuming and confusing, particularly if you don’t do this all the time. This is where a broker can really add value because a good one will have the experience and knowledge to match the right product and solution that suits you. I often have clients who have a particular feature they want in their loan, usually because someone has told them that’s what they need, or they’ve read or heard it, only to end up in a completely different direction once we’ve had the chance to talk through the benefits and match it to their needs.
And then there is the interest rate. Often the first thing clients mention when I ask them what they are looking for in a loan is the best interest rate. But the best rate doesn’t always mean you will get the right loan solution for you, one that suits your needs. At any one time there are hundreds of different loans on the market and banks lead with rate specials, that constantly change, all the time. Being able to look past the rate and match the loan benefits and features to your individual needs is key. And this is where a good Broker will be able to add value.
In my first blog “It’s all about the vibe” I talked about finding the right broker and to do this I suggested you need to interview them, ask questions and make sure what they say suits what you need. So the next step is to make sure that what they say is what they do, hold them accountable. However accountability is not a one way street. You should absolutely have an expectation of your Broker that they provide you with high quality, timely solutions and service. But to get the most out of the loan experience, providing them with the right information when asked and not leaving anything out is critical. The client/broker relationship should be teamwork to get the best result and really great teams have teammate’s who hold each other accountable. So absolutely hold your broker accountable for their actions but understand that you won’t get the most out of the experience if you don’t also hold yourself accountable. I can think of times in the past where I may not have provided quite the right options for my clients because I was not provided with the right, or all the information, I needed. Often it was not intentional on the clients behalf, they either didn’t think something was important or just overlooked it during discussions. Mostly this can be corrected but it almost always costs time and at worst can result in a loan being declined or not proceeding.
So working together with your Mortgage and Finance Broker, making sure everyone is accountable for their part, should deliver you with the best loan and the most value for you.