Nearly half of Australian home buyers use a mortgage broker to secure a home loan rather than approaching their banks or lenders directly.
Not all brokers are the same so it is important to find a broker who is experienced, has strong relationships with lender assessment teams and is knowledgeable on loan products, loan assessments process, time frames and most importantly a broker that you feel comfortable with.
To help you choose a good mortgage broker consider the following tips:
5 tips when choosing a good mortgage broker:
1. Do your research – does the broker belong to a well-known industry association? Is the broker independent or do they only deal with certain lenders?
2. Competitive loans – do they offer a wide range of competitive loans from a variety of independent lenders?
3. Best interest – is the loan advice and recommendation in your best interest? Be aware that brokers receiving commissions or kickbacks from lenders may recommend the loan that gives them the biggest commission.
4. Professional service– what qualifications or accreditation does the broker have?
5. Loan insurance – Does the institution have a dispute resolution system in place? Do they have professional indemnity insurance?
At Priority Lending our mortgage brokers are not only qualified brokers in lending and finance but also possess knowledge of the real estate and property market.
For more information on home loans in your best interest talk to a Priority Lending mortgage broker today.
Source: Priority Lending
