Are you shopping for a mortgage to purchase your dream home or for a business loan? Are you searching for the best mortgage broker to help you secure a mortgage or business loan? If so, you have come to the right place. Choosing a mortgage broker is one of the biggest financial decisions you will make in your life.
The home loan industry is one of the trickiest to navigate with a vast array of mortgages available in the market today. Each mortgage option comes with different loan conditions, and you should know what to look for so you can secure a competitive mortgage with low-interest rates. That is where a mortgage broker can help you navigate this complex market. Keep reading to learn how to find a good mortgage broker to secure a competitive private mortgage to purchase your dream home or even a loan for business use. In this article, we will take a look at the following:
- Do Your Homework
- Check Educational Qualifications And Experience
- Check Their Lender Panel
- Inquire About The Turnaround Time
- Ask About The Fees
Do Your Homework
Make sure you are prepared for securing a competitive mortgage loan by looking online and getting a clear idea about the type of loan you require. That way you will be in a strong position to assess the different loan options given to you by the mortgage broker. A mortgage broker isn’t obliged to provide you with the best mortgage loan in the market. But they are legally required to offer you a “suitable” loan.
When you have gathered initial knowledge about different mortgage loan options on the market, you are then in a better position to scrutinise their recommendations and make the best decision for your future. You should also remember that brokers may not necessarily find the cheapest loan terms for the borrower. So make sure you choose a mortgage broker that has your best interests at heart. It is also important to make sure that your credit score is up to standard in order to avoid wasting everyone’s time.
Check Educational Qualifications And Experience
Once you have a basic idea about different mortgage loans in the market, the next step is to check the educational qualifications and experience of different mortgage brokers out there. A good starting point is to look for a licensed broker. The potential broker should have the Australian Credit Licence or be qualified to act as an authorised credit representative.
A good mortgage broker in Australia should at least have a Certificate IV in Finance and Mortgage Broking. It is better to look for brokers who have other qualifications such as degrees in finance, economics, or accounting. The experience of the broker also plays a crucial part in selecting the right candidate. Look for a broker with at least 4-5 years of experience in the industry.
Check Their Lender Panel
Brokers in Australia are restricted by the list of banks they have access to. This is known as the “Lender Panel” of the potential broker. A good broker should have a wide variety of lenders on their panel. There are brokers who have over 50 lenders on their panel. Look for one with a variety of lenders so that you can get a competitive interest rate for your mortgage.
Inquire About The Turnaround Time
Ask the potential broker how long you need to wait for your mortgage application to be lodged. The turnaround time can make or break the home sale depending on the length of the process. The best brokers should be able to lodge your application within 4-5 days at the latest.
Ask About The Fees
Make sure to work with a mortgage broker who is transparent about the costs of their services. Although mortgage brokers get paid by banks, they will most probably charge you for their services.
When you are looking for a good mortgage broker, you should consider many factors. Some of these factors include educational qualifications, experience, lender panel, turnaround time, and fees of the potential broker. Do your homework before choosing the best mortgage broker to secure a mortgage to purchase your dream home.
At NWF Capital, we understand that banks aren’t always the best places to turn for a business or property loan. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.
Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.