How Do I Choose a Mortgage Broker?

Choosing a mortgage broker is an important step in making your first property purchase - and whether you are a first home buyer or it’s your first time using a mortgage broker, you need to make an informed decision.

Think of your mortgage broker as a home loan expert of sorts - you will rely on them to explain the features and conditions of your loan, including repayment terms, fees and other important details.

Simply put, this individual needs to be someone you trust, as for most people, buying a property is the largest expense they will take on during their lifetime.

With this in mind, there are a few things you will want to be aware of when choosing the right mortgage broker.

First, you’ll want to check on their credentials. For example, you may want to ask about the accreditations they have or whether they hold a membership to any industry associations.

You will also want to enquire whether your broker is based in your local area and if they have any affiliation with banks or particular lenders.

It is also important to evaluate whether you and your broker will work well together. Consider how quickly they replied to your initial query, whether or not they can answer your questions knowledgeably and if you feel they have a complete understanding of your situation and take time to listen to your needs.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.