Securing a loan is not either easy or short. It takes your efforts to find a certified and seasoned mortgage broker Clayton who can compare the top lenders who have their access to. Many borrowers take comparing lenders lightly and skip direct to one who is offering a deal with or without comparison. Well, you must know it’s key to achieve a loan by a trusted lender at the best rates. Let’s uncover how they manage this task and why it’s essential.

How Your Broker Compares Lenders — Step By Step

Let us guide you through the process of lender comparison done by your broker in a simple, human-friendly manner that is directly ready for use.

1. Understanding your situation: The broker inquires about your financial strength, such as income, savings, job security, and future plans (e.g., renovating, renting out). This information helps in eliminating lenders that would be of no use to you.

2. Shortlist lenders and loan types: They cut down thousands of possible products to a few that fit your needs exactly.

3. Side-by-side comparison: Brokers compare interest rates, comparison rates, fees, redraw or offset features, and early repayment penalties side by side— and they display the actual cost of the loan in the whole term.

4. Look beyond the rate: Loans carrying low headline rates may also have hidden fees or strict borrowing criteria. A mortgage broker Clayton reveals such catches.

5. Negotiate and submit: Brokers negotiate terms whenever possible and submit the application, maintaining communication with the lender until the settlement is completed.

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