Buying a home is complicated! That’s why it’s so important that you have the right people to guide you through the process and support you in making informed financial decisions.
By understanding the key differences between a mortgage broker and a financial planner, you can more effectively evaluate your options and identify what kind of support you need. This can help you purchase property with confidence!
What is a mortgage broker? What is a financial planner? What kind of guidance is the right choice for you? Here is everything you need to know.
Why choose a mortgage broker?
A mortgage broker is a skilled professional within the real estate industry. A broker is well-versed in all the important details that come with buying a house, including lender deals, interest rates, and even government grants or schemes you may be eligible for.
A mortgage broker can offer you advice to steer you in the right direction when it comes to purchasing property, but that’s not all. A mortgage broker can also represent you in the search for a suitable lender.
Mortgage brokers are trained to negotiate loan deals and help you work through all important paperwork so that you secure the best mortgage option to suit your financial needs and property purchasing goals.
Why choose a financial planner?
Conversely, a financial planner is a finance professional with broader knowledge relating to your financial situation at large, not just your home ownership situation. A financial planner understands how to consider property alongside insurance, investment, retirement funds, and other considerations.
Working with a financial planner, you can evaluate details that influence your long-term financial strategy, including your approach to wealth creation and ongoing financial planning. This can give you a broader understanding of what your budget really means for the future.
While a financial planner can’t negotiate with lenders on your behalf or select the right loan for you, they can guide you in the right direction and help you consider your long-term goals as they relate to property and beyond.
Important considerations to keep in mind
It’s important to remember that a financial planner is not the same as a mortgage broker, and in some cases, you may need support from both professionals.
A financial planner can help you plan your budget and get your finances in order for the best buying opportunities. However, if you need someone to liaise with lenders and help you select loan packages, there is no substitute for an experience mortgage broker.
The best strategy is to carefully consider your situation. What confuses you about your home loan journey? What kind of support do you think would make the process easier? Answering these questions will help you determine whether you need a financial planner or a mortgage broker to support you.
Looking for an experienced mortgage broker to help guide you through the complexities of the home-buying process? Reach out to Our Top 10 for the best mortgage brokers Melbourne has to offer.