Sep 25

Mortgage Broker – Take the stress out of finding the right loan for you

Published in mortgage brokerhome loan financehome financecheap home loan by Vicky Edema
It became apparent to me after weeks of researching lenders, products, rates, etc, that I was fighting an uphill battle to find a loan that best suited my particular needs. It was then I decided to contact a mortgage broker, and for some strange reason, I had felt hesitant about contacting a mortgage broker in the past because I just didn’t know exactly what they were capable of doing for me. It’s only when I contacted a local mortgage broker (without identifying myself) that I began to understand what the role of a mortgage broker really was.

This particular mortgage broker from a reputable and well established company explained how he would act as an intermediary between me and the lending institution of my choice. Let me say right now that those two words ‘my choice’ are what won me over. My mortgage broker was able to identify a choice of 4 or 5 products from a list of thousands based on information I provided as well as some logical input from him knowing my personal situation. However, at the end of the day is was my choice of which product and lender I wanted based on the list prepared for me by my mortgage broker. My mortgage broker explained to me that whilst he would look after everything for me until the loan settled, following settlement, I would need to deal with the lender for anything relating to my loan. Having said that, he explained that after the loan settles, he would keep in regular contact with me, updating me on new and innovative products and policies as well as making sure that my loan still served my needs over time.

Prior to calling my mortgage broker, I did do a bit of research. What I discovered, that helped me make my choice of mortgage broker were;
  • He had to be a member of the Mortgage & Finance Association of Australia (MFAA).
  • He had to have experience and testimonials.
  • How was my mortgage broker going to be paid and how much?
I found out that as a Member of the MFAA, my mortgage broker has to subscribe to a Code of Practice and must always act in a professional manner and must always remain transparent, which he did. I felt it was important for me to know what qualifications or how long my mortgage broker has been in the industry. It helped prove to me that he had stood the test of time in a very competitive industry. Finally, as a Member of the MFAA, my mortgage broker is required to disclose any commissions received under their Code of Practice….how much he gets paid!

I chose a mortgage broker mainly for convenience and to alleviate some of the stress involved when selecting a home loan. I must say that I had a fair idea of what I required and that my mortgage broker not only confirmed my thoughts but also made some terrific recommendations that I had not even thought of.

Take the stress out of finding a loan that’s right for you. Contact a mortgage broker and let a professional guide you along. It won’t cost you anything extra and you will potentially save thousands of dollars by dealing with a reputable mortgage broker.
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