| Choosing the right mortgage broker? |
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Make sure you choose a professional mortgage broker. Find out how......
You can do alot to ensure you have chosen a professional mortgage broker to help you get a home loan. Only use a member of the MFAA (formerly MIAA). This industry body requires a minimum level of experience in the industry or minimum educational qualifications. They also require a continuation of training. Members are to adhere to their Code of Practice ensuring ethical behaviour, professionalism, transparency and full disclosure of information. Members of the MFAA must also be a member of an ASIC approved External Dispute Resolution service such as COSL. They must also have Professional Indemnity insurance. For more information on any of these industry bodies go to 'Who's Who in the Mortgage Industry?' in the Consumer Zone of MortgageBroker.com.au All mortgage brokers listed on MortgageBroker.com.au must be a member of the MFAA. Educate yourself. MortgageBroker.com.au has an abundance of information to help you educate yourself with the types of home loans available, interest rates, the home loan process, and consumer protection tips - and much more. The more you know, the less likely you are to be misled and end up with a home loan that is not what you want or need. Get a GREAT mortgage broker. MortgageBroker.com.au has done alot of the hard work for you. Not only are all mortgage brokers members of the MFAA & FBAA, but each has a detailed list of their experience and education as well as a direct link to their website, so you can check them out thoroughly before you even pick up the phone. Once you have chosen a mortgage broker, check them out over the phone. Make sure you feel comfortable with them. Do they answer your questions clearly in a straight forward manner? Do they sound knowledgeable and genuinely interested in YOUR circumstances. Another important tip is to ask if they are well known in the community. Who do they know, and who knows them? If you are happy with them, make an appiontment for them to come and see you. At the appointment A professional mortgage broker will take time to listen to you and come to understand your situation both now and in the future. Their knowledge should cover a wide range of circumstances. They should also have good knowledge of their panel of lenders and each ones products and policies. They should understand the lenders and government fees and charges. Most good brokers use specialised software that will help them sift through the literally hundreds of home loan products. The software will enable them to compare products and work through a number of options with you. In the end you will know you have chosen the best home loan for you and your family. Your mortgage broker should be able ot explain the most complex loan in plain and simple english, and be able to structure your loan to ensure you do have the best deal. By now you should go WOW! And what's more this service is generally free for finding a domestic home loan - so make sure it is. Your broker should also offer an ongoing review process. During and after the home loan application process, your mortgage broker should give great customer service. You should be kept informed with the progress of your home loan in a timely manner. A persons actions tell alot about character. If you are promised a call in 48 hours and it's not made, or if you are not satisfied with the level of service you're getting, move on. The mortgage industry is highly competitive and there are plenty of mortgage brokers who will work hard to get and keep your business. Make sure you write down what is discussed at the meeting and ask for clarification if there is something you don't understand - no question is a dumb question! In NSW, a mortgage broker is required to fill out a Finance Broking Contract that outlines the particulars of the loan being sought. This contract is to be signed by the borrowers and the mortgage broker before your home loan can be submitted to the chosen lender. Do not sign any document if you are unsure of something. Get qualified advice. Make good use of professionals in other areas - solicitors for help with legal documents, accountants and financial planners for assistance with financial or taxation advice. Your mortgage broker is not qualified to give advice in any of these areas (unless they have additional qualifications). RECOMMENDATION By far the best advertising anyone can get is the recommendation of a happy customer. If you are happy with the service your mortgage broker provided you, why not recommend them to your friends and family. You can do this with the link on their listing page on MortgageBroker.com.au - and while you're there why not write a review to make it easier for the people you don't know who are looking for a great mortgage broker too.
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