questions to ask a mortgage broker

Questions to ask a mortgage broker when getting a home loan

Before we jump into the questions it is useful to understand why you should go to  a mortgage broker instead of directly to the bank.

Why is it important to use a mortgage broker rather than going straight to the bank?

If you’re planning to go to a bank / lender, you are dealing with one person who may not be a mortgage specialist and you will also only be offered whatever products that particular bank offers. If you go to an experienced broker, he or she will advise you on how you can acquire the desired property considering your financial capacity or situation. Experienced mortgage brokers specialise in this type of process. Good mortgage brokers have access to a wide range of lenders and know which lenders have the special deals or what interest rates lenders will negotiate down to and usually their services are free of charge. Mortgage brokers also specialise in different lending areas, like home loans for non residents, home loans for 457 visa holders, investment property loans or other types of home loans. If your mortgage broker specialises in investment property loans they will also help you setup and structure your investment loan portfolio to reduce the cost and give you greater flexibility. The better mortgage broker will also give you ongoing service, this means that if a new home loan deal comes out that may be better for you they will let you know, banks and lender never do this for their customers.  Also, they will help you process your documents, help present your application in the best way to the lender and be on your side with any dealings with the lender.

Which Questions should I ask a mortgage broker?

Below are some important questions to ask a mortgage broker so that you are informed about the right information to help you get the best home loan for you.

Asking this question will help you assess if the mortgage broker follows all the protocol in accordance to the law and the associations that advocates credibility, professionalism and transparency. A mortgage broker should be a member of one of these associations because they follow the highest standard set by MFAA and FBAA. This includes meeting the training levels required, membership of a dispute resolution scheme and other requirements. Only appropriately licensed and registered mortgage brokerscan be accredited for these associations.

Oak Laurel are members of the Finance Brokers Association of Australia (FBAA).

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