Mortgage brokers can make the process of buying a home easier because they understand each lender’s loan criteria and terms. They can compare rates from a wide variety of lenders and assess your financial situation to help you find a loan that works for you. With so many brokers to choose from, how do you know which broker is right for you? Here are a few things you should consider:
The Broker’s Lender Panel
A broker’s lender panel is essentially a list of lenders that the broker has a relationship with and whose financial products they can access. Experts recommend finding a broker whose lender panel has information from at least 20 lenders, including all the major banks, specialist lenders and credit unions. We also recommend looking for brokers who work with lenders who specialise in unique cases because not every loan application is straight forward.
The Qualifications
It is important that the broker you choose is qualified to write an Australian loan. You can visit the website of potential brokers to see their qualifications. At minimum, your broker should have a Certificate IV in Finance and Mortgage Brokering as well as either a compliance course in FBAA or MFAA; The industry invested mortgage brokers have an Australian Credit Licence (ACL)
Check Out Their Online Reviews and Testimonials
Hearing from past clients is a great way to get a complete evaluation of a mortgage broker. Using Google Reviews to find unbiased reviews can help you understand both the pros and cons of working with certain brokers.
Choosing a mortgage broker can be difficult. You want someone with qualified industry experience and who is friendly enough to develop a relationship with. If you are looking for a mortgage broker, our team at Mortgage House is here to help. We have been in business since 1986, and as non-bank lenders, we specialise in high-risk loans. Contact us today to find out what our brokers can do for you.
