What to look for when choosing a mortgage broker. A mortgage broker is a professional that arranges mortgages between borrowers and lenders. Consulting a professional mortgage broker can be an excellent contact in helping you accumulate a successful property portfolio.
There is estimated to be over 16,000 mortgage brokers nationwide. How do you source the good ones? Here are four things to look for when choosing a mortgage broker.
1. Ask for a referral:
Asking your personal network for referral can be very helpful. Knowing a friend or work colleague having a great experience will provide comfort that you’ll receive the same. Be careful who offers you a referral. Some people might not quite understand the role of a mortgage broker and can provide you with the wrong contact. Most mortgage brokers offer a free consultation so it can’t hurt to talk in person or over the phone.
2. Access to lending options:
Most mortgage brokers have a diverse range of lenders and products to choose from. It can be quite a puzzle figuring out what’s right for you. A good mortgage broker will know which type of loan and the lender is appropriate. They will substantiate why they have chosen one lender over another and summarise the benefits of applying with their recommendation.
3. Experience and expertise:
An experienced mortgage broker will have a sound level of knowledge to not only understand the loan products in the market, but to also understand your circumstances. Academics is one thing, but good old fashioned experience goes much further. A great mortgage broker will demonstrate their expertise by taking note of your situation and highlighting what’s necessary to achieving your property purchase.
Take the time to ask questions about the mortgage brokers history. They’ll provide written documentation to demonstrate their qualifications and licensing details. They will also provide you with a report that shows different scenarios including loan terms and interest rates work.
4. Ensure the mortgage broker builds a relationship with you:
Some mortgage brokers may be to pushy and skip the most important part of the process. That is building rapport and trust. A good mortgage broker will take the time to understand your needs, educate you where necessary and then carefully suggest ares of improvement. They will not rush, but they will set you a plan of deadlines to help you get to where you want to be.
How can we help?
At Crest Property Investments, we are fortunate to know many qualified mortgage brokers who have helped our clients buy property. If you don’t have a mortgage broker, please feel free to contact us. We can connect you to the right person who is local to you.
Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property investments.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
January 2019
