How to choose your Mortgage Broker

Choosing the person who will help you make one of the most important decisions in your life can be daunting. Many people find the right Mortgage Broker by asking their friends for referrals. This is a fantastic place to start. But sometimes, no one can recommend one in your local area.

Before talking with any Mortgage Broker, find out more about them by conducting some online research. At your first appointment, have a good conversation with them about their training and how they will work with you.

Start by enquiring about what training or continuing professional development courses they’ve done recently – a good Mortgage Broker will be keeping up to date with regulatory and industry changes with regular training.

Ask how many lenders and products will be considered, keeping in mind that a good Mortgage Broker will tailor your mortgage to get you a great deal, no matter what bank or non-bank lender offers the product.

Make sure you find out at the start if you will be charged any fees and what these are. Most Mortgage Brokers don’t charge fees but those that do will explain why. Most lenders pay commissions to Mortgage Brokers and they will outline these to you in disclosure documentation.

Your initial conversation shouldn’t just be a one-way street either, so be wary if the Mortgage Broker doesn’t ask you about your investment goals and your finances. A good Mortgage Broker looks at the whole of your life, not just your immediate situation because they know that the most suitable loan for you may not simply be the cheapest.

You may need options such as a line of credit, which can change the interest rate charged on your mortgage. This whole of life approach can make the difference between a standard mortgage that’s adequate, compared with a financial package that takes account of your entire situation.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.