How to choose a mortgage broker
Many Australians are now turning to Mortgage Brokers for professional assistance and advice when purchasing a new home or looking to refinance for a better deal. Obtaining a Home Loan can be the biggest commitment most people will make in their lifetime and making the right choice is vital.
There are many lenders offering hundreds of Home Loan products and deciding on the best option can be a difficult task for most people. The lenders will advise that their Loan is the best for you but will not suggest that a competitor has a more suitable product available. This is where a good Mortgage Broker with a large panel of lenders can be very useful in providing options and guidance to find the most suitable Home Loan for your particular needs.
Choosing the right Mortgage Broker to act as an intermediary between you and the Banks or other Lending Institutions is as important as finding the right Home Loan. The Mortgage Broker should address your needs and desires and advise on the best possible solution by providing suitable loan package from his or her panel of lenders. To assist the Mortgage Broker you should advise them exactly what’s important to you and what you are trying to achieve. You should also be asking the Mortgage Broker some important questions to ascertain that they are professional, experienced and licensed to handle your affairs with confidence.
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The broker you choose should be:
A member of the Mortgage and Finance Association of Australia or Finance Brokers Association of Australia, both are bodies that ensure that mortgage brokers act professionally, ethically and are transparent in all of their transactions with you. Have adequate experience, can provide you with testimonials and demonstrate a deep understanding of the Mortgage Market in Australia, citing past achievements.
Able to show you a list of Lenders available to you, and the commission they would receive if you chose a particular loan.
Able to disclose any fees they are going to charge you for the service that they are providing. Most brokers do not charge their clients instead rely on the commission received from the lender, so it is important to know this right from the start.
Providing you with a written Statement of Credit Advice and a Credit Guide clearly disclosing their experience, licensing requirements and complying with all matters under the National Consumer Credit Protection Act.
The right Mortgage Broker should address all your needs, provide you with advice and find you a suitable loan for your particular circumstance. They should guide you every step of the way right up to the settlement of your Home Loan and then continue to give you support for the rest of your life. They should work with you advising on any changes in interest rates, products or policies that may benefit you in the future.
A good broker lives and breathes home loans and should have their finger on the pulse at all times and share this valuable knowledge with you when you need it. The Banks and other lenders provide the finance, a good broker provides the service and caring tailored to your needs.