4 Things You Must Look for in Mortgage Broker before Hiring

Mortgage
Taking the first step onto the property ladder is a big move in any person’s life, so it is important that you do not rush when deciding about it. Read up about mortgages as much as you can as there are lots of websites with plenty of useful information, such as the Australian Competition and Consumer Commission website. When you know the type of mortgage you require, you will then need to find a reliable and trustworthy broker to help you make that first step.

  1. Recommendations

When you are looking to find the services of a mortgage broker, it is always an excellent idea that you speak to all of your friends and family and try and get some recommendations on potential agents or companies. Many companies offer mortgage services so it is easy to find a mortgage broker on the Central Coast, the Northern Territory, or Western Australia. Having recommendations from someone you know and trust will make things a lot easier.

  1. Licensed and Accredited

It is important that you make sure that your mortgage broker has a valid license from the ASIC, as this will mean that they have to follow the National Consumer Credit Protection Act. If the broker is a member of the MFAA (Mortgage & Finance Association of Australia) or the FBAA (Finance Brokers Association of Australia), then they will have to follow strict rules to maintain their membership, which means that you can be assured that you are dealing with a reputable company.

  1. The Art of Communication

It is important that you find a mortgage broker that you can easily communicate with, and also one that is up front with you. Any potential agents you speak to should make sure that they are up front with all costs and charges from the beginning. A good communicator is one that can listen to your requirements and offer you a suitable mortgage, explain your options in detail. They will also be happy to answer any questions that you have, and never be afraid that you are using too much of their time. You need to feel comfortable when you make such a big move so any advisor worth their salt will tell you to take your time and do not rush your decision.

  1. Comparison with Other Brokers

Just the same as with buying anything else, it is always advisable to shop around and speak to a lot of different mortgage brokers. But with the advent of the internet, you do not need to limit yourself to the financiers in your local high street. For example, if you look for Central Coast home loans, your mortgage broker will have a large panel of lenders to utilise, so your actual mortgage provider could be across the other side of the country.

The best mortgage brokers will not only provide you with what you need, but they will also be able to provide you with options that you might not have thought available. With some research and lots of contact with different brokers, you will soon find one that you have a rapport with and before you know it you will be moving into your brand new home.

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Comments

  1. These are some great tips for hiring a good broker. I definitely agree that you should look at their license and certifications and things, just to make sure. I wouldn’t want to work with someone who wasn’t licensed!