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What is a Mortgage Broker?

Andrea Kerr - Wednesday, November 01, 2017


I GET ASKED THIS QUESTION FROM TIME TO TIME - WHAT DOES A

MORTGAGE BROKER DO?  


The simple answer is - we work on your behalf to find the right lending solutions to suit your needs now and into the future.  Back in my day you would walk into a bank and you will be dressed to the nines to impress the Bank Manager and be scared stiff that he/she did not like you and say the big NO......

In some cases even today, you can walk into your own Bank and walk out feeling dejected because you just don't fit that particular lenders lending policies.  You are not to know that you don't fit with that lender, it is our job to do the research.

The first thing we will do is have a chat and look at your whole overall position, ie: Employment, Assets/Liabilities, Savings, Credit History and many other factors.  We will then offer advice of which lenders and products we believe will be suitable and the reasons why. 

When you have decided which lender you would like to go with after our recommendations, we will then put all the necessary compliance and application paperwork together for you and then submit on your behalf.  This will include comprehensive notes and why we believe that YOU will be suitable to that lender.

Once the file is with the chosen lender, we will liaise closely with the lender and answer any questions they may have along the way.  Ideally the next step will be to get your loan conditionally approved subject to valuation and maybe a couple of small conditions, followed by an unconditional approval.

When the loan is unconditional, we will then liaise with all relevant parties such as Solicitor's  or yourself until your loan is then settled.  Now that your loan has settled we don't just drop you off and let you fend for yourself.  We will continue to be there throughout the years that you have the loan and also review your position from time to time as products and lenders change over time.


HOW TO CHOOSE A MORTGAGE BROKER?

ASK THE FOLLOWING QUESTIONS:


  1. What are their Finance Qualifications.

  2. Do they belong to Professional Organisations such as Mortgage Finance Association of Australia (MFAA), or Finance Brokers Association of Australia (FBAA).

  3. Does the Broker hold a Credit License or are they a Credit Representative.

  4. Do they charge a FEE for service (some brokers do charge) - I don't charge as I believe if I provide exceptional service then you will refer me time and time again.  That means far more to me.

  5. How many years lending experience do they have.

  6. Do they have a wide range of lenders to choose from.

  7. Will the Broker always be available to you, not just now but in the future as well.

  8. Ask for recommendations from Family or Friends.

  9. Check Social Media (Facebook, Linked In), Websites and Reviews.


OTHER QUESTIONS TO ASK:


  1. How much deposit is required.

  2. What paperwork will I need to provide to get obtain finance.

  3. What features will my home loan have.

  4. Can I make changes to my loan at a later date.

  5. What is a comparison rate.

  6. What is Lenders Mortgage Insurance.

  7. Why is your loan recommendation suitable for me.

  8. How long is the lending process and how long will my approval take.

  9. What fees and charges will apply to my loan.

  10. What other fees outside lender charges may apply ie: Government Charges, Solicitor Fees etc.


I hope I have given you a good overview of what you should be looking for in a Mortgage Broker.  I have over the years seen clients who have gone directly to a lender or had terrible service from some Brokers, a good Mortgage Broker will be with you for many years to come.







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