- October 19, 2020
- Posted by: admin
- Categories: Finance, Mortgage
How To Pick The Right Broker For Your Mortgage Dilemma
Before you go out picking a home loan that is ideal for you, you must first pick the right mortgage broker to sweeten the deal for you. The home loans market in Australia is vast, with thousands of products and hundreds of lenders flocking it and it can be a tough and overwhelming decision to make. This comes across as all the more reason to choose a good broker who can guide you through your purchase.
But, everything sounds good and every broker seems to make sense of what he/she is saying. So, how to pick the right mortgage broker, how do you know who is the one qualified, licensed, and accredited professional that you’d like to work with to get out of the home loan dilemma? It can be nerve-wracking and a hard decision to make. Hence, here are some handy tips to remember while picking your Mortgage Broker in Australia that will help you strike the right deal.
Main Traits to Look For
When looking for the right mortgage broker to work with, ensure that she/he is –
- Specialised with the insights and experiences to meet your needs.
- Responsive to your enquiries and can easily provide you with helpful information.
- Persistent and will help you find an answer to any question you have.
- Honest, which means that they would rather tell you the truth rather than adhering to what you’d like to hear.
Some Other Things Which Can Help
Mortgage brokers can save you a lot of money by getting you the best deals. Moreover, with the uphill task of finding the right home loan, homebuyers are not looking forward to handling the endless paperwork that’s part of the process. With mortgage brokers having access to about 90% of products on offers, they are definitely the best people to approach. That’s why it’s important if you know how to pick the right mortgage broker.
The tips below will help you pick the right mortgage broker if kept handy. Let’s have a look.
#1 Do Your Groundwork
Research is always the first step whether it’s about simple grocery shopping or looking for a valuable home loan. So, go ahead and browse the internet for the best brokers in your area. Look for real customer reviews and testimonials, and then give them a call to get an idea of the mortgage broker you are interested in. Other than that, word of mouth works well too. Talk to family and friends and see whether they can suggest anyone for you. Today, with most people hooked onto social media, you can always put up a question on your wall and wait for genuine responses to come in.
#2 Ask the Fees
Most brokers render their services free to consumers as they are paid by the credit providers. However, there are some who charge minimal fees, which can either be paid upfront or after the completion of the service. According to the Australian legislation, brokers must disclose the commission paid to them by lenders. So, ensure that you ask your mortgage broker about the commissions or benefits they receive, whether they charge a direct fee, and if it is a fair and reasonable amount for the service provided.
#3 Is He/She Legit? Check the License
Ask your mortgage broker whether he/she is registered with The Mortgage & Finance Association of Australia (MFAA), which is the key industry body that represents more than 12,500 mortgage and finance professionals across Australia. MFAA requires every mortgage broker, who is accredited by them, to undergo rigorous criteria on education, experience, and ethics. Hence, choosing an MFAA accredited mortgage broker will ensure that you are dealing with someone who is knowledgeable, experienced, and trustworthy. Anyone can claim to be a mortgage broker, so be sure to ask for their credentials.
#4 Duration in the Industry
Ask your mortgage broker about his/her duration in the industry. The fact is that the longer a person has been in the industry, the more experiences and knowledge he/she will have. Furthermore, they have a larger network within the industry. You might want to help out someone to start off their career as a Mortgage broker, but you will only be risking your own property investments. Hence, it is only advisable that you choose the latter to get the best deals on your home loan.
Pick the Right Mortgage Broker
The best mortgage brokers can turn the task of finding a home loan into a rewarding experience. These brokers will listen to your requirements, help you in deciding the features, while also sourcing out many home loans that might be suitable for you. At all times they’ll be available to meet or chat with you about your loan requirements or any questions you have along the way. Once you’ve chosen a loan, the right mortgage brokers will make the application process as smooth as possible, helping you complete the application and then lodging the documents on your behalf.
Credit Hub has over 20 years of experience in the Mortgage Broking Industry. If you are looking for a responsive and experienced team, get in touch with our mortgage brokers. You can start your loan application on our website now, or contact us today for the right mortgage offers.