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How Do I Find The Right Mortgage Broker To Apply A Home Loan?

How Do I Find The Right Mortgage Broker To Apply A Home Loan

Mortgage brokers are qualified and licensed professionals who specialise at doing home loan comparisons and finalise the best deals for their clients. They do so by having access to a panel of lenders who they work with, rather than comparing the whole market. Many first home buyers rely on a mortgage broker who can help them get a loan with low interest rate on their first home purchase.

If you are looking for a right mortgage broker who can help you steal the best home loan deal, ask for recommendations from your family or friends. Also, conduct a research by looking on for online reviews. Some more tips to focus on include:

Check Their Accreditation

Foremost thing to look upon when hiring a mortgage broker is their accreditation. Make sure the broker you choose is a license holder or credit representative who is registered with the Australian Securities and Investment Commission (ASIC). Not only this, he or she should be a member of the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).

Ask Their Qualification

When it comes to qualification, every mortgage broker needs to hold at least a Certificate IV in Finance and Broking. Having a diploma is optional. Also make sure, they have a prior experience in the industry.

Read Their Reviews Online

Before choosing a broker, it’s better to check out their reputation and dealing with previous customers by reading their reviews online. Read each and every review whether positive or negative and then make a choice. This is a good way to know about their services and dealing with customers.

Ask For Recommendations

If any of your friends or relatives or neighbours has ever hired the services of a mortgage broker before buying their first home, consider asking them for the recommendation. It is one of the best ways to help you make the right choice. Ask around and see if anyone you know had some good experience with a mortgage broker, if yes, go for them.

So, these were some easy yet effective ways that can help you find a good mortgage broker. We recommend doing your own research to avoid any regrets later. Credit Hub is a trusted mortgage broker firm having contacts with more than 35 lenders and proudly assisting clients in finalising the best home loan deal in Melbourne.