Choosing the right mortgage broker

24 Jan Points To Consider When Choosing A Mortgage Broker

When financing your home purchase with a loan, having a proper mortgage broker can make your experience a hundred times more pleasant and easier.

A mortgage broker’s primary job is to look for a lender that offers the best terms. With their expertise, you can save time and money, and make better-informed decisions regarding your purchase.

The Importance Of Your Mortgage Broker

Your mortgage broker can make such a big difference in your overall experience and financial health, it pays to take your time in finding the right one for you.

Below are some noteworthy points to consider when choosing a mortgage broker.

Qualification and Trustworthiness

You should look for someone who will guide you through the process with transparency and give you accurate answers. Professional brokers make it a point to provide you with the materials to help you gain a complete understanding of the loan terms. It’s also good if your broker happens to be a member of the MFAA (Mortgage Finance Association of Australia) or the FBAA (Finance Broker Association of Australia). Members of these associations receive training and updates on a regular basis so you can be confident you’re in good hands.

Another good point is if your broker is a member of an EDR (External Dispute Resolution) scheme. This is your safety net in case something goes wrong. Any complaints you might have will be assessed by the EDR. In addition, when applying for a home loan, you may be asked to provide sensitive information and you need to be assured that your broker complies with the Privacy Act for your protection.

Provide Free Service

A broker should not ask for fees. Brokers should present you with a variety of loans from different lenders and discuss their features and details with you. After receiving advice and choosing a lender, the broker will negotiate it for you. This negotiation will dictate the length, the interest, and everything related to the loan, and if your broker is doing his job correctly –for the better.

Though it may seem too much work to be done for free, brokers are not supposed to charge you for their services. But rest assured that they will get compensated when they receive commissions and payment from lenders.

Aware of Your Financial Situation

Before anything else, a broker should be aware of your financial situation. This is the number one basis of his or her strategy.

Just as brokers need to be honest with their qualifications, you have to be clear about how things are with you financially. Explain what you can manage and what would be difficult for you. Bringing necessary documents makes it easier to discuss possible scenarios.

The broker can then give you suggestions based on the information you presented.

Give You Convenience

A mortgage broker should make the process easier for you, not harder. If you find that things are becoming more complicated with a broker or that you understand less about the process, then maybe you’re with the wrong one.

When you’ve prepared everything necessary to apply for the loan, the broker will tell you what to expect from each stage of the process. You’ll be provided with a schedule, so you’re not left in the dark as to how long it would take before you hear from the lender.

Most of all, you can prepare for all the fees, disbursements and other costs because you’ll be told about it beforehand.

Choose Carefully

It always pays to be informed before getting yourself into anything. Once you talk to a broker, make sure the communication is open. Ask questions when there are parts that are confusing for you and also get advice for your home loan. Take note of the key details every time you meet with your broker so you don’t lose track of the whole process.

At Finance Ezi our professional and experienced mortgage brokers can make your life easier and save you time and money. Call us today on 1300 003 003 or start your loan application online.



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