Trying to choose a Mortgage Broker? To help you choose the right one for you, our broker expert Claire Beauchamp from The Finance Firm has kindly put together these four key questions for you to ask any potential mortgage broker. Using Claire’s four questions will help you have peace of mind when making the final decision.
4 Questions To Choose A Mortgage Broker
1.Do you offer a range of different lenders?
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 mortgage brokers are volume based. They may exclusively write loans with just 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 them why. And consider asking what their strategy is to present you with the best deals in the market place.
2.How do you assess my situation and go about structuring loans?
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.
3.What loan features do you like, or would you personally utilise?
The structure of your loan will help to ensure your money works for you. 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. I enjoy the option for multiple offset accounts – I find this much easier to utilise as if you would a transaction account while taking maximum advantage of the offset facility.
4.Do you charge a brokerage fee for getting my finance approved?
Some brokers do charge for their services, others are paid solely by the bank. It’s a good idea to clarify this from the outset. You should understand what their fees are and how they are paid.
Did you find this article about choosing a mortgage broker useful? Here are some other articles about finance, mortgage brokers and purchasing property that other readers have found helpful :
- The Best Financial Advice You Need When Buying Your First Home
- How To Buy A House : 9 Things You Need To Know Before Signing
- How To Buy At Auction. 14 Things You Need To Know.
- The 7 Vital Facts You Need to Know As a Buyer In a Multiple Offer Situation
- 6 Things Every Property Investor Should Know When Buying
Big thanks to Claire & her team for lending their knowledge & expertise to create this article.