Reasons why you should apply for a home loan using a Bond Originator.
Applying for a home loan on your own can be a nightmare as all banks to require different home loans criteria.
If you apply to a bond originator you will cut out working directly with the bank as all banks have different home loan criteria, deposit and documentation requirements.
Bond originators are familiar with all the different mortgage products and all the current packages that are on offer with applicable interest rates.
Here are a few benefits you can look forward to working with a good Bond Originator:
- Your bond originator will guarantee that you have several home loan options to choose from and will clarify all the advantages and disadvantages of each one with respect to your particular money related situation.
- The originator will go through your finances and credit history with you to make sure that its problem freed and if there are any problems the originator will explain to you what you need to do to rectify the problem and increase your chances of securing a home loan on good terms.
- You will only need to complete one universal application that can be submitted to any of the major lenders.
But;
- If you apply on your own, you will have to fill in a separate application form for each bank and as you know each bank requires its own set of supporting documents.
- Applying for a home loan on your own can take days or even weeks to get a response or a home loan offer and it can take even longer because you still need to compare the offers from the different lenders.
But;
- Working through a good bond originator they should and will be able to present you with competing offers within 48 hours.
- You can rest assured that your originator will have the knowledge necessary to get the application through the bank’s approval processes efficiently and quickly. Banks usually use an automatic system that would reject or decline your application if their requirements are not met to their standards.
- Your originator will have strong relationships with all the major lenders that would enable them to negotiate a better home loan interest rate on your behalf. This will definitely save you a lot of money over the life of your bond.
- Individual applicants currently have less than 40% chance of being approved of a home loan, but those who work with a good originator have more than a 70% chance of being approved.
Remember: Originators are in business to get your home loan applications approved, so they will do anything in their power to help you get your application approved and the best part about working with an originator means that you only have to deal and communicate with one person to get feedback from all the different lenders.