Why use a Mortgage Broker?
- A mortgage broker such as What If We Finance should be an independent professional who should be able to work for you and make the finance process easier.
- A mortgage broker should be able to find you an unbeatable deal.
What happens when I see a What If We Finance?
We will listen and understand
Ask questions about your circumstances and income
Comparing borrowing options and calculate borrowing power
Organise finance and do all the leg work at no cost
Is the broker an MFAA Accredited Mortgage Consultant (AMC)?
An MFAA AMC has achieved a set education and experience level as part of their membership criteria, abide by a strict Code of Practice, and is a member of the Mortgage Industry Ombudsmen Service. You can check if you broker is an AMC by going to 'Search for a MFAA Member' on the MFAA website.
Which lenders does the broker have on their ‘books’?
Some brokers may be able to offer loan products from over 15 different institutions, while others many only consider loan products from a couple of lenders. Make sure the broker deals with a spread of lender types (banks, mortgage managers and others). The larger and more varied the array of lenders and the number of loans, the better variety of choice you will have. Be wary of brokers aligned to a bank because are the rely finding the best option for you?
How does the broker get paid?
Make sure that the broker does not let the size of the commission they will be paid by a lender cloud their judgment. While some lenders pay higher commissions, brokers should not favour higher commission-paying lenders over others. Under the MFAA Code of Conduct, MFAA Members are required to disclose any commissions upon request.
Most brokers do not charge a fee for their service and are paid by the lenders they introduce the loan to. If they do charge a fee ask why and they should provide a valid reason for doing so. They should be objective and offer at least a comparison between 3 to 5 lenders as a bare minimum.
Ask the broker how they compare loans and how they determine which loan is best for you. Comparing loans is not an easy task.
Most brokers have software that searches for the best loan suited to your needs. Then their job is to explain how each of these loan compare to each other and how they suit your financial circumstances. . Under the MFAA Code of Conduct, members must only offer loan products that clearly suit the client’s needs
Get unbeatable service and deals now
*#Note: Everybody’s circumstances are different so contact your mortgage broker What If We Finance to find out more if you qualify for finance as the cheapest loan may not always be the best loan for you. The comparison rate is based on a $150,000 loan over 25 years and different loan terms and amounts will change the comparison rate.