As a first time homebuyer, one of the best assets you can have on your side is a good mortgage broker. However, it can be extremely overwhelming to choose one! The market is saturated with mortgage brokers and this article will help you to identify and choose a quality mortgage broker.
What makes a good mortgage broker?
Since mortgage brokers became more common place around two decades ago, this question has been a frequent one! While regulations and licensing has changed, the ultimate goal of a mortgage broker is to help provide the homebuyer with choice at little to no cost out of pocket! Here is a list of the top 8 traits of a quality mortgage broker to help you choose from the many mortgage brokers out there.
- A good mortgage broker is licensed – As of July 1st, all Australian mortgage brokers must be licensed by the ASIC (Australian Securities and Investment Commission) and expected to adhere to the standards of the NCCP (National Consumer Credit Protection). This isn’t a quality of good mortgage broker as much as it is a requirement.
- A good mortgage broker is a member of a professional industry association – A mortgage broker through the MFAA (Mortgage and Finance Association of Australia) is required to sign and comply with a code of conduct and meet strict guidelines regarding their education. Many MFAA mortgage brokers are also members of the FBAA (Finance Brokers Association of Australia).
- A good mortgage broker comes recommended – Most mortgage brokers will tell you that the majority of their new clients come from personal recommendations. Ask your friends and family for their recommendations and experiences!
- A good mortgage broker goes through a thorough interview process with you – A good mortgage broker wants to get to know you and will sit down with you to find out what your goals, financial situation and plans are.
- A good mortgage broker utilizes a large panel of potential lenders – A quality mortgage broker is more loyal to you than to a lender. After the initial interview, your broker will look through the lenders they have accreditation with to find the best match for you personally.
- A good mortgage broker is an excellent communicator – Especially for the first time homebuyer, the process can be stressful! The good mortgage brokers will stay in frequent contact during and even after purchasing a home.
- A good mortgage broker will disclose all costs and fees upfront – As the majority of mortgage brokers work on commission, there more than likely will be little to no out of pocket cost to the homebuyer.
- A good mortgage broker sees you as a lifelong customer – After working with a quality mortgage broker, you’ll feel like you’re part of the family. Visit this site for more information : mortgagebroker247.com.au
When looking for a good mortgage broker among the many qualified mortgage brokers out there, look for the above characteristics. This will help you really find a mortgage broker with your best interests in mind.