How To Choose The Best Mortgage Broker Just For You

Choosing the best mortgage broker when purchasing property can save you thousands. A mortgage is typically the biggest debt anyone will acquire in their lifetime, so it’s crucial you choose the best mortgage broker just for you. To help you select the best mortgage broker, our finance expert Claire Beauchamp from The Finance Firm has kindly put together these five key questions for you to ask any potential mortgage broker. Using Claire’s selection criteria will help you uncover the best brokers in the business.

5 Questions To Choose The Best Mortgage Broker how to choose a mortgage broker best mortgage broker

    1. 1.Does Your Prospective Broker Offer a Variety of Products Options for you to Choose From?

      One of the many benefits of employing a mortgage broker is their ability to compare a wide range of products available in the market place. However, some brokers are volume based and may exclusively write loans with one bank. You should check their credit guide, a document provided to you early on in the conversation, this will list all the banks they are accredited with as well as any bonus commissions they may receive. If the broker is not accredited with many lenders (say, less that ten), perhaps ask why, and what their strategy is to present you with the best deals in the market place.

    2. 2.What Experiences Does Your Prospective Broker Have That Will Help You?

      Aside from a solid foundation of industry knowledge, look for a mortgage broker who has actually been in your position. Experiencing the real estate and loans process as a buyer/seller/investor etc will give them a more in-depth understanding of what you’re going through, and what obstacles you may encounter. It will also provide increased proficiency in structuring loans – which is of paramount importance.

    3. 3.How Will Your Prospective Broker Structure Your Loans To Suit You?

      The structure of your loan will help to ensure your money works for you. Your broker should be able to analyse varying situations to ensure you get bang for your buck. Having bought my first home and investment prior to establishing my business, dealing with both banks and brokers along the way, I found out first-hand what did and did not work. Through my personal trial and error with offset accounts, budgeting, and an array of facilities, I can ensure your money works for you, only writing loans that I would personally be comfortable with, as if they were my own

    4. 4.Ask Your Prospective Broker How They Make Their Money

      Some brokers do charge for their services, others are paid solely by the bank. Clarify this from the outset and ensure you understand what fees and charges are involved.

    5. 5.Choose a Broker Who is Willing to go the Extra Mile Just For You

A mortgage is usually the biggest debt anyone will acquire in their lifetime. Your broker should be trustworthy, passionate and equipped to help you every step of the way. You may require solicitors, building inspectors, contractors and many contacts along the way so a broker with these networks will be very valuable and effective.

Big thanks to Claire & her team for lending their knowledge & expertise to create this article.

The Finance Firm
Claire Beauchamp
0431 001 320

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If you have a property in Brisbane that you would like to speak to a professional Real Estate Agent about buying or selling, please feel free to contact The Justin Hagen Team on 0416 577 294 or lodge a request for a “Property Appraisal” on our website.

191 Musgrave Road,
Red Hill QLD 4059

07 3367 3411