How To Choose A Mortage Broker
Firstly check to see that your Mortgage Adviser is both approved and a member of a professional body such as the MIAA soon to be changed to MFAA. The reason being; is to maintain their status with such an organisation; they have to maintain a professional standard of customer service. For further information on how the MIAA monitors and educates its members you can visit here http://www.miaa.com.au
Check their level of experience, qualifications, and they may even have some references from customers they can provide.
Check that they have a reasonable amount of lenders on their panel as this will provide a wider option of products for you to choose from. If they have approximately 20 this should be fine they are probably not going to use any more anyway.
Ask them re their fee structure eg; are they going to be more advantaged by providing a loan from a particular lender? This may influence their choice of preference, therefore ensure they clearly explain what features, price, or benefits will be in it for you.
Find out if they charge a fee, as there are many that provide this service for free so why pay.
Ask them for the comparison rate or AAPR (average annualised percentage rate) be aware these do have their limitations. Especially with loans that change products after a period, such as fixed rate loans. It can provide you with a clearer picture of the true rate once fees have been included though.
Does the broking firm carry their own products? Ensure they are providing you the best choice and not being influenced by their own earnings.
Advantages of Using a Broker
A good Mortgage Adviser will help you choose a loan product tailored to your needs. For example someone buying their own home would most likely require a different loan product than an investor.
The Adviser will ask you questions to establish both your short term and long term requirements when selecting a loan. This will minimise the risk of being in a loan that in a short term may not be suitable.
The Broker has a panel of lenders and rather than visiting your local bank, you will have a variety of options at a one stop shop. Most brokers will come and visit you at your home, office or even in a café, therefore saving you time and money.
The broker should provide you with a set of features for the loan and the benefits of how they will be of advantage to you and your situation. If the broker only refers to the rates then he/she probably is not taking your full situation into account.
Related Tags: property, loan, loans, interest rates, mortgage broker, lending, investors, homeowners, mortgage adviser
Wayne Skewes Alpha Mortgage Solutions PTY LTD http://www.alphamortgagesolutions.com.au
1st home buyers / investors / loan variations / refinance / loan consolidations ask us for a free non obligational consultation. 7 days a week
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