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How do I find the right Mortgage Broker?

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Knowing what to look for in a mortgage broker is an essential part to securing the right loan for your finance needs and you need to make sure they are fully accredited experts in finance and lending.

Unfortunately like any profession you can have a good or bad experience so it is important to do your homework up front in selecting the mortgage broker who will be working for you.

A mortgage broker is engaged to save you time and money and often have a large panel of lenders to choose from comparing fees, charges and loan features to best suit your lifestyle and circumstances.

Your mortgage broker will act as your very own loan expert; making sure you understand the loan repayments, loan features, fees and charges of your home loan and will independently help you select a lender and loan product. They are also aware of what specials that are currently available with a wide variety of lenders and will conduct the research ensuring they match the right loan product with your needs.

A good solid relationship with a good mortgage broker can be essential in ensuring you are receiving the best deal possible for your circumstances, the good brokers will be able to negotiate a better deal for your circumstances and find the right fit with policy.

They also deal directly with the lender and often can package the loan and present the facts in a more experienced fashion in order to obtain an approval and I have provided a checklist to help you choose a good broker.

Mortgage Broker Checklist:

  • Have they come recommended with a high level of integrity? Often word of mouth, reputation and length of employment are amongst the most important attributes to look for.
  • What accreditations do they have?
  • Does the mortgage broker belong to a reputable industry association such as the MFAA?
  • Does your mortgage broker work locally and are they easily accessible?
  • How many lenders does the broker have on their panel?
  • Has the broker disclosed all fees and commissions before signing up the loan documents?
  • Is the mortgage broker owned by a bank or real estate agent and have they disclosed this?
  • Is the mortgage broker paying a referral fee for your business to the person that actually referred you and was this disclosed up front from both parties?
  • Does the broker take the time to understand your situation?
  • How quickly did the mortgage broker respond to your initial enquiry or contact?
  • How do they compare loans that fit your situation?
  • Is the mortgage broker able to provide customer testimonials?

Memberships

MFAA Full Member
FBAA Accredited Member

National Mortgage Brokers Accredited Member

MFAA Approved Broker