One of the biggest commitments you will make in your working life is securing a mortgage, and with over 1,000 different mortgage products, there is a lot of detail and complexity to understand.
Choosing the best mortgage broker Melbourne is one of the most challenging tasks. A good mortgage broker or home loan broker is worth its weight in gold. So how do you find the best mortgage broker Melbourne?
1. Research the mortgage broker
While many mortgage brokers claim they can help look at their reviews, how long they have been in operation, and what services they offer. Google reviews and Word of Mouth Online are great sources due to their independent reviews and the controls they have in place.
When you meet the mortgage broker, ask them what makes them a great mortgage broker and how long they have been in business or their industry. Understand their qualifications, experience and also availability.
A mortgage broker should be available when you need them to answer questions and guide you through the finance process.
2. Engage an Independent Mortgage Broker
An independent mortgage broker is not affiliated with a bank, real estate agent, lawyer, accountant or any other 3rd party. This means they do not pay a 3rd party to receive your business and are not conflicted.
Conflicted means they feel obliged to look after the interest of a 3rd party. For example, if a builder, real estate agent or property developer refers you to a mortgage broker, be wary as there may be a relationship and payments made for the referral.
In this instance, how do you know they are finding you the right loan and not also looking after the interests of their referrer.
Also, many large mortgage groups are owned by banks. How independent is that arrangement?
3. Ask about their lender panel
Ask the broker to explain their lender panel. That is how many lenders they have access to who are relevant to your needs.
You need to get suckered into comments who see around their top 4 lenders accounting for a large percentage of the broker’s business.
Who the broker sends their business to depends on the type of client. For example, if a mortgage broker specializes in clients with low deposits or medical professionals, then a small number of lenders are relevant to those clients’ needs.
4. Ask your broker to explain their recommendations
Ask your mortgage broker to explain why they recommend a home loan. An explanation as simple as a low rate is not sufficient. Your mortgage broker should be able to explain, given your circumstances, why the lender is suitable.
If a broker is recommending purely on rate, then you may find finance may not be approved, or the lender would be hard to deal with.
For example, if you are self-employed with limited financials, this would be a factor that needs to be considered and would heavily influence the recommendation.
If you are looking for the best mortgage broker in Melbourne What If We Finance your choice. What If We Finance is an independent mortgage broker that has been operating since 2008.
We are an independent mortgage broker available 7 days a week and are here to support you find your dream home. We take the stress out of finance and let you concentrate on the essential thongs.