When you're looking to buy a home, it's helpful to have a mortgage broker in your corner. They can assist you in understanding the housing market, finding a competitive interest rate, and making sure your mortgage application goes smoothly.
However, not all brokers will provide the same level of service, and working with the wrong person can be costly, stressful, and even negatively impact your home loan application.
So, how can you separate the best from the rest? Here are seven things to consider when choosing a broker to work with.
1. Access to Different Lenders in the Market
The mortgage industry is not a one-size-fits-all one. Sometimes, a broker only represents one lender, making it difficult to find a loan package that meets your needs.
A good broker has access to multiple lenders in the marketplace. This allows you to explore various mortgage products, ranging from fixed-to-variable to interest-only mortgages.
2. Asking the Right Questions
A broker that asks the right questions can quickly determine if you're a good candidate for a mortgage. Don't be surprised if your broker asks about your employment, income, and credit score, among other things.
While it may seem overwhelming because you never had to provide this information, it's actually good. It shows that your broker is looking out for your best interests. It can also help you see how lenders will view your financial situation, which can help you make a better decision regarding your home loan.
3. Upfront about Fees
A good broker will provide you with good service for a fair price. They shouldn't try to hide or change the fees you'll need to pay when looking for a mortgage.
The fees should be clearly defined before you begin the application process. If you're asked to pay an additional fee when you've completed the application, your broker is trying to take advantage of you.
4. An Active Participant in Your Mortgage Journey
A good mortgage broker is there for you from start to finish. This means they should be able to provide mortgage advice from application to closing and everything in between.
You shouldn't have to talk to a different person at each step in the process. Instead, you should have a direct point of contact who will help to guide you through the mortgage application process.
5. Expert Advice
The best mortgage brokers don't just hand you a pre-loaded mortgage application and say here you go.
Instead, they explain the entire process to you from start to finish, so you know exactly what to expect along the way. If you don't understand something, they'll have someone on their team train you.
6. Informing You of Market Changes
A good mortgage broker will inform you of important marketplace changes. Lenders change their rules, interest rates change, and market conditions change regularly.
You may not notice these changes on your own, so a broker is there to help keep you informed. They will also suggest different mortgage products to help you get the best terms to meet your needs.
When you're looking to buy a home, it's helpful to work with a mortgage broker. They can provide information and advice you may not know and help you navigate the complicated mortgage process.
Wealthy You is an Australian mortgage company servicing Sydney for almost a decade, offering various mortgage solutions to meet the specific financial needs of every client. As an alternative lending specialist, we can make refinancing your home simple. If you want access to the best home loans in Sydney, get in touch with us! We look forward to meeting you.