Home > Finance, First Home Owner, Home, Home Loan, Loan, Mortgage > Mortgage Broker? … He /She could be your best friend for LIFE!
Nov
10
2009

Mortgage Broker? … He /She could be your best friend for LIFE!

Stuck inside on a rainy day - home office
Creative Commons License photo credit: David 23

Tips for Choosing the best Mortgage Broker

 

If you plan on buying a new home and or refinancing your current home then it is best to work with a reputable mortgage broker. When choosing a mortgage broker, you should into account their experience and what they can do for you in order for you to have a worry free finance application experience.

A mortgage broker can save you a lot of time because they know and understand the pro’s and cons of the different loan products. It is their day to day work, just like yours!

Usually their services are free or at least based upon a successful outcome for you. They know the mortgage market inside and out and can give you expert advice regarding the mortgage loans for options available to you  and can arrange all the paperwork necessary for a secure the mortgage. When looking for a mortgage broker, there are a few things that you need to take into account before actually hiring your broker.

Tip#1

A broker with a range of lenders is sometimes a better bet. If a broker has only one or two lenders that they have relationships with, you may miss out on other options that might meet your needs.

Tip#2

Some lenders will pay greater commissions than others. Make sure you know the commission the broker is getting as this may cloud their judgment when obtaining a solution for you.

Tip#3

Make sure you know up front and in writing what fees, if any, you may incur using a broker. Don’t ever rely on a verbal agreement as you could find yourself in a ‘he said, she said’ scenario.

Tip#4

A good broker will have a standard methodology for selecting mortgage solutions. Ask the broker what Professional Organizations and or industry bodies they are members of.

Tip#5

Find out the actual cost of the loan (including the amount being borrowed and ongoing costs). That way, you can do your own comparison of the solutions being offered to you. Some loans may seem wonderful at first but their ongoing costs can be crippling. Be skeptical if the broker can’t provide this information. Make sure you know what the early exit cost will be!

Tip#6

Speak to friends, family and colleagues about their experiences with brokers. If a broker comes highly recommended, then you’ve got a better chance that your experience with them will be equally positive.

Get online and start searching around, mortgage brokers are excellent to work with, when you find a broker that will work for you, so start searching!

If you need more information (or a good Broker) contact Julie@novastarfinance.com.au

Visit us at www.novastarfinance.com.au

Baldeneysee
Creative Commons License photo credit: alrabe
Creative Commons License photo credit: alrabe

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posted in Finance, First Home Owner, Home, Home Loan, Loan, Mortgage by Finance Help

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