How to Choose the Right Mortgage Broker
January 29, 2019
Buying the right property is your number one priority. Choosing the right home loan to buy that property is an equally important priority. You need to understand what it’s going to fully cost you to purchase the property & you need to understand how much you need to borrow. What home loan features to look out for & what your home loan is going to cost you each month are all massively important. Choosing the wrong home loan can lead to unnecessary stress & cost. Once you have chosen the wrong home loan, you may find that you are stuck with that home loan that doesn’t meet your needs for many years to come. Finding & funding the right property means you need to make sound informed decisions from the very start of the process.
So, when it comes to choosing a home loan, how do you make as sure as you can that you are getting the best deal for your circumstances? Simple, team up with a professional Mortgage Broker. Given that the Lenders pay Mortgage Brokers, there is absolutely no charge to you the customer, why would you go through all the stress & waste all the time searching for the right loan for you? Going direct to ABC Bank will give you the choice of 1 product suite, i.e. ABC Bank’s product suite. Going direct to ABC Bank will give you one viewpoint, i.e. the viewpoint of ABC Bank. A professional Mortgage Broker will usually offer you several different loans from several different Lenders. If a lender is currently running say a “no fee “promotion, or say a “1% interest discount” promotion, who do you think they are going to tell about it? They’ll tell the Mortgage Brokers because that is where the Lenders get their volumes from. Some of the smaller Lenders don’t have a sales team on the ground, or the huge advertising budgets of the Big 5 banks. So, the smaller lenders rely on the Mortgage Broker to get their message out to the clients looking for a home loan.
Why Go with a Mortgage Broker?
A Mortagge Broker offers you the choice of 1000’s of home loans from 35 – 40 Lenders. A Mortgage Broker will generally meet with you at a time and place convenient to you & are not incessantly in meetings like bank employees. A Mortgage Broker handles your home loan application from start to finish, and keeps you informed along the whole process. All this & there is no charge to you for the Mortgage Brokers time. The Lender pays the Mortgage Broker. Why on earth would you do it yourself? A professional Mortgage Broker will understand your circumstances, get to know your goals and then narrow down the number of home loans that suit your needs.
Working with a professional Mortgage Broker to secure the best possible home loan for you, could see you pay off your home loan way quicker.
Traits of a Good Mortgage Broker
A professional Mortgage Broker will provide you personalised service and always act in a “customer 1st “manner. Beginning with a meeting at a time & place convenient to yourself, a Mortgage Broker should get to know your circumstances, goals and requirements in order to filter out loans that don’t meet your needs. Your Mortgage Broker should have access to 1000’s of loans from 35 – 40 different Lenders.
A professional Mortgage Broker solely focuses on Mortgage Broking & doesn’t also try to be an Insurance Broker or a Financial Planner or heaven forbid, is in fact a part time Mortgage Broker. A professional Mortgage Broker has a team of people around them so that you know there is back up support if for some reason the Mortgage Broker can’t tend to your enquiry. A professional Mortgage Broker doesn’t work from the “boot of a car “but is part of a professional outfit.
In order to provide you with best-practice services, a professional Mortgage Broker will offer ongoing support throughout the life of your loan to ensure that you’re constantly kept up to date on better deals and solutions.
What to Avoid
There are many Mortgage Brokers in the marketplace that are owned by the Big 5 Banks. It is not unreasonable to question where their allegiances lie. Choose a Mortgage Broker with as large panel of Lenders as possible, normally 35 – 40 different Lenders. A Mortgage Broker that is part of a team that works from professional well-located offices. A Mortgage Broker that has a wealth of experience & is prepared to take the time guiding you through the “mortgage maze. “A Mortgage Broker that is fully qualified, is a member of an industry body & is also a member of an external dispute resolution organisation. A Mortgage Broker that embraces technology, but also knows that technology is a tool, a means to an end, & not the be all & end all. Avoid using an online Broker, or a Broker that you can only contact via phone, or the net. You need to use a Mortgage Broker you can meet with face to face. Avoid using a Mortgage Broker that seems to be promoting only 1 alternative, or a very limited range of alternatives. Their rationale for offering limited choices may be justified, so find out.
A Mortgage Broker must by law divulge to you how much commission they make from your home loan application. Ask they show you what commissions other Lenders pay to ensure the Mortgage Broker is not just promoting the product where they make the most amount of commission.
Experienced Mortgage Brokers in Perth
When it comes to finding a great home loan in Perth, it pays to do your research.
At Better Choice, our Mortgage Brokers have access to 1000’s of different home loans from over 35 – 40 Lenders, including big banks and smaller competitive Lenders. With over 20 years of experience, we’ve helped 1000’s of clients into ultra-competitive home loans tailored to their immediate and future requirements. We know that home ownership is the Australian dream, so we help you achieve security and success with products and solutions most suited to you.
Secure a Loan That’s Right for You
Get one step closer to securing your dream home with a home loan that’s right for you. By working with a professional Mortgage Broker, you open a world of possibilities and gain access to a massive suite of home loan solutions.
Find out more about home loans and Mortgage Broker services in Perth with Better Choice. Contact us today on 1300 805 221.
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