Mortgage Brokers
Finding a reputable mortgage broker that you are comfortable with is of utmost importance. Here is a checklist when selecting a broker:
Service for no charge
The services of a mortgage broker when advising on residential loans should be free of charge. Their entire service which should include: advising and giving you information on loan products, negotiating the loan on your behalf, and managing your paperwork through to settlement, should be provided at no charge to you. Ensure that your mortgage broker is open with you about how they are getting paid, and they disclose what commissions and payments they will receive from the lender.
Qualified and experienced
You should check what qualifications and experiences your mortgage broker has in the mortgage industry, and don’t be afraid to request references from previous clients if you wish. Also check if they are a member of a professional mortgage association such as the MFAA or FBAA , and a member of an external dispute resolution scheme. Ask your mortgage broker how they comply with the Privacy Act, so that they will maintain your personal and financial details securely. Good mortgage brokers should have the tools to assist in your decision making, such as being able to show you on computer software how different loans will impact your financial situation, and access property valuation data to help you in making your decision.
Understanding your situation
The initial meeting should begin with your mortgage broker familiarising themselves with your entire financial situation, and your future plans. Ensure that you have your key documents with you when you visit them, as this knowledge will help them find loan products that fit your lifestyle, whilst ensuring that it provides you with flexibility for any future changes.
Making buying your new home easy
Once your mortgage broker has a good understanding of your current and future financial situation, they can begin explaining the wide range of loan options available from a host of different lenders. They should be able to outline the various loan products in plain English, as well as explaining the loan process from application to close including the documents required through the process. In addition they will go through all associated costs, disbursements, and fees of the loan application and give you a written schedule. You can expect your mortgage broker to negotiate with lenders to find the best deal, while communicating with you throughout the loan process in a timely manner. Through the application process, they will follow up with the lender for you from application through to approval. Even once your loan is settled, good mortgage brokers are your resource for questions, concerns and ongoing review.
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