Why do you need to see a broker?

You’re at a BBQ with friends on the weekend and they’re raving on about the amazing rate they got on their loan and tell you that you need it too. Hmm…. you ponder, maybe I need to get this loan too?
What would you think if a gardener gave you advice about electrical work? Or a plumber giving you advice about retirement planning? Sounds crazy right? So here’s why you need to speak to a finance broker when it comes to finance and lending.

The most important thing to discuss when speak to your finance broker are your goals. What is it that you’re trying to achieve and how are we going to find the solution for you to achieve the goals that you have. A lot of clients conversation revolves around a friend who’s referred them to a lender, and it’s always about rates. Rate’s are important, but what’s more important is actually getting the funds you need to achieve the goals that you want. If you get the cheapest rate, but the lender doesn’t lend you enough money  to purchase the property you want, or borrow the amount of money that you need, then the rate isn’t going to be helpful in reaching your goal.

For example, if you can get a loan with a lender and the rates are really cheap, but they can only lend you $500,000, but if you go with another lender that could possibly lend you up to $800,000,  then that’s going to get you closer to achieving your goals.

Once the solution has been found, then the next discussion will be about interest rates and where we can get the cheapest interest rates with the solution that is required for you to achieve those goals.

The last thing you need to remember also is that the first lender you take a loan with isn’t going to be the same lender you stay with the for entire term of the loan. The lender you seek now is the lender that will get you the solution, it is important to review your solution year after year to ensure that the product and lender you are with is the the correct one that will help you towards ticking off your goals.

Just remember your goals and financial situation isn’t going to be the same as your friends.

The Growfinity team.