How to Choose a Mortgage Broker That’s Right for You!

The services of a mortgage broker are an essential part of the home buying process. Whether you are a first time buyer or looking to move to a new home, you will need a broker to help match your particular requirements to a lender and mortgage product to make the whole finance process run smoothly.

The right broker can find you a competitive loan rate with a reputable lender, saving you a huge amount of money in the long term. So, how do you choose the right mortgage broker?

  • Recommendations
    The first thing to consider is recommendations from family or friends. They will be able to share with you first-hand if they have had a positive experience working with the broker and if they were totally happy with the service provided.
  • You should also fully research different brokers
    With the vast availability of information, via the internet and other sources, it can be very simple to research the deals and services offered by various mortgage brokers. You should take special care to review all the terms and conditions of any offers. Your new homeowner loan or mortgage is a long term commitment, so you need to take the time to fully research and compare different products and services.
  • Question Deals or Special Offers
    It is always a good idea to question any special discounts or deals, which appear too good to be true. A Reputable broker will be happy to explain any terms or conditions attached to the deal. Failing to question certain conditions could cost you dearly in the long term, so if you decide to move home or refinance, make sure you are clear on any fees or penalties which may apply.
  • Choose a Reputable Broker
    Reputable brokers will always provide written details of loans, mortgages and offers. You should be wary of any broker, working with you without committing any details down on paper. This paperwork represents legal information and good brokers recognize the importance of fully documenting all the terms and conditions relating to any potential loan offers.
  • Accredited Mortgage Brokers
    You should also ensure that your chosen mortgage broker is properly accredited to provide this service. This information can be easily obtained from the mortgage brokers association. Reputable and qualified brokers proudly display their accreditation and certification. They are usually participants of an independent complaints association. This illustrates that they are professional and willing to be held accountable in the event of a problem or issue.
  • Visit the Broker’s Office
    Although many brokers may offer to your home or workplace to go through any paperwork, you should also visit the mortgage broker’s office. This can provide an impression of the level of professionalism and how smoothly their practice runs. It can also show you how popular the broker’s service is and that they provide a good service if the office is busy and the other clients seem happy.
  • Final Decision
    The decisions relating to how to choose a mortgage broker can be a little daunting, especially for those with little or no home buying experience. Remember, any reputable broker will understand your lack of experience. They will be willing and able to walk you through the entire process, providing advice and guidance at every step. The final decision regarding mortgage or loan products always comes down to the borrower, so you must feel completely confident about the loan rate, terms and conditions and that you can comfortably afford the payments. A mortgage is a long term commitment and making mistakes can be extremely costly. It is best to question any details before you totally commit to the loan.

If you are interested in learning more about how to choose a mortgage broker, or would like advice or guidance about mortgages or home owner loans, please contact us. We have a great deal of expertise and experience with all aspects of mortgage financing and would be happy to answer any questions or queries relating to your specific needs or circumstances.