Buying a new home can be stressful enough without the added pressure of finding the right lender. The market is tough; there are many lenders with many different products offered that change constantly. It is the job of a mortgage broker to always be on top of the industry to find the suitable deal for you.
What is a mortgage broker?
A mortgage broker is an essential part of finding the right home loan. He or she will be evaluating your financial situation against a number of lenders until they find the best deal. They usually keep a panel of lenders that they will compare for their clients to find the best option available to them.
A good broker will work with you to find the suitable deal possible to suit your personal finance situation. They will see you by appointment to provide an efficient way of reviewing, negotiating and organising home loan options. They can also help you negotiate with your bank or lender as they understand the market and the lender’s competition so they are able to get a better deal.
How to pick the right broker
If you want to make sure your broker is trustworthy and not just acting as an agent for one lender, ask to see all the lenders on their panel to see what your options are. Your broker should have a range of loans from a variety of lenders and will be happy to discuss them with you. You are free to check their qualifications and experience. Go ahead and ask whether they are a member of one of the 2 industry associations – Mortgage & Finance Association of Australia (MFAA) or Finance Brokers Association of Australian (FBAA). As a client, you have the right to ask how the loans are relevant to your situation and any good broker will be able to answer in plain English and explain the situation to you.
Most of their services should be free because brokers get their fees and commission from the lenders they recommend, not the buyers!
How a mortgage broker can help you
A good mortgage broker will be willing to discuss loan options and explain all the documents and the steps of the loan process. They will explain the loan process and all associated costs and fees, and most importantly, will be willing to find a suitable loan for you.
If you’re ready to speak to someone in the know, call Excellence Finance today on 9609 4655.
