Making the decision to buy your first home is huge and so it is really important that you take your time, look at your options and make an informed decision.

How much will it all cost?, What can I afford? and where do I even want to live anyway?? are just some of the questions that you will need to find answers to and of course unless you have recently won the lotto then you will need a mortgage.

Approaching a Bank or Building Society can be a daunting and confusing experience for a number of reasons. You may be worried about saying the wrong thing and you may also be wondering what questions to ask. When you apply directly to your Bank for a mortgage then it is effectively you against them. It pays to have someone on your side. A good Mortgage Broker will be on your side and will help you with the big decisions.

So What are the main Benefits / Advantages of using a Mortgage Broker?

Firstly a good Mortgage Broker will take the time to have an initial conversation with you to help decipher if you are ready to make a mortgage application now. The worst thing you can do is to approach a Bank when you are not ready. A Banks database can be very unforgiving. If you make an application when you are not ready then all of your details will be recorded on the banks database and may make any future applications a bit more tricky. A good Mortgage Broker will let you know if you are ready now. However if you are not ready now then you can get the help and advice you need to make sure that you will be ready at a future point. From experience I know that most applicants who are not ready now can be ready within 3 to 6 months as long as they get the right advice. Getting the correct advice is the key to mortgage success.

Secondly a good Mortgage Broker can take the hassle out of the application process. When you are ready, your application will be packaged and presented to a mortgage lender to give you the best chance of getting the mortgage you need. Your application will be moved along as quickly as possible. A Mortgage Brokers office will follow up on your application so that you get the quickest possible response. Almost all mortgage lenders are very inefficient at the moment and so it is really important that they are chased along and that things are not simply left sitting on a customer service reps desk for weeks on end. Getting a speedy response can be the difference in you getting or losing out on a property.

Thirdly and I think most importantly a Mortgage Broker can be your one point of contact from the time you first call them right up to when you get the keys to your first home. There is nothing more frustrating than a Bank passing you from Peter to Paula and then to Joe who is not quite sure how to answer your question. Having a single point of contact for all your mortgage and insurance queries and one person who will give you all the help and advice you need, face to face or by phone and email is priceless.

There are many more reasons why using a mortgage broker is the right choice for First Time Buyers. One thing I have not mentioned is that a mortgage broker will shop around and get you the best deal on your mortgage and insurance. However I am not going to waste your time talking about that as that’s a given with a mortgage broker like MortgageLine. Where we and other mortgage brokers stand out is in the superior service that we provide. We are 100% focused on getting you the best mortgage approval and making the whole process as painless as possible.

What are your thoughts on Mortgage Brokers? Would you use a Mortgage Broker? or would you take your chances with your local Bank Branch? Please post your comments below.