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Six Tips for Choosing the Best Mortgage Broker April 12, 2017

 

Mortgage brokers write approximately more than half of all home loans in Australia, making it a multi-billion-dollar industry. A mortgage broker is essentially a conduit between the lender and you. Their job is to assess your financial affairs, evaluate your credit-worthiness, and help you determine the right type of home loan for you. And then offer you a variety of home loan options from the panel of home loan lenders they act for.

Since they have access to numerous products, they certainly have access to what suits your needs and they can spend time with you to understand what your goals are, to explain the options, and to help you with the paperwork. Mortgage reputable brokers can offer very valuable services here’s why;

You’re protected

Your mortgage broker has a duty of care to you. They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you. If their advice is not up to scratch, you can complain and be compensated. However, under the rules of the Mortgage Market Review, it’s the lender’s responsibility to ensure affordability – so even if you buy direct, you could have some recourse. Nonetheless, a broker can still offer a valuable layer of protection.

A mortgage broker is qualified

There’s so much to think about when choosing the right mortgage. It’s isn’t as simple as just opting for the cheapest fixed or tracker rate mortgage you can find! Mortgage brokers have to be qualified to give you mortgage advice, a guarantee you may not find from lenders call center.

A broker is on your side

An independent mortgage broker will look for the very best mortgage for you. They aren’t on the lender’s side, but yours, hence they’ll give you access to far more products than if you went direct. They’ll provide unbiased advice and will be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

They know the industry

It’s so important to stay in the loop and to have a mortgage broker on your side who understands latest Mortgage Market Review. And arguably widest-ranging, development.

Their knowledge ensures borrowers can prove affordability, even in the event of a rate rise and know what the application process is like for each one and tell which lender can process your application with minimal delays.

They can also know the background criteria that a lender has and can bring this experience to bear when advising you and processing your application. Then there’s also the fact that, because a mortgage broker may put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can’t do by yourself.

It’s not just about the mortgage

A mortgage broker does not only advise you about your mortgage but also look at any related life insurance payment protection and even buildings and contents insurance you have. They will recommend insurance based on your new mortgage arrangements to make sure you are fully protected in the event of:

  • Death
  • Critical illness (such as cancer, heart attack or stroke)
  • Redundancy

A mortgage broker takes your whole circumstances into account to recommend a suitable product, and it’s that thorough, professional look at your finances that makes advice well worth paying for. Including the fact that they can answer all your questions as well as understand what you need. Visit this site for more information : http://www.mortgagebrokerco.com.au

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