Buying a home and taking out a home loan of any size is a big commitment. Whether it be your first house or your third, the process can be both daunting and overwhelming. Having an expert mortgage broker on your side to help guide you through the process can make a world of difference to your home buying and lending experience.
With endless options at your fingertips when it comes to Mortgage Brokers, it’s essential to find one who can work with you, and your family’s needs effectively and help you secure a suitable home loan.
To choose the best mortgage broker in Geelong for you, a little bit of research will go a long way to help with your decision. To help streamline the process for you, there are several things that you should take into consideration to help with your decision.
Mortgage brokers essentially work as the link between you, and various lenders, both with banks and non-bank institutions.
We always have your best interest at the forefront of our minds. We work to align your individual requirements with the loan’s attributes to ensure you get the most out of your home or business loan, ensuring the most favourable rate is secured for you on every occasion.
Having an experienced mortgage broker on your side, takes the stress off your shoulders, as it is our job to research and compare the market to suit your needs, communicate with your chosen lender (so you don’t have to) and help guide you through the entire process. Answering any questions you have throughout the process, as well as assisting with finalising paperwork.
Doing thorough research may seem overwhelming, but trust us, starting your journey with proper research will simplify the rest of the process. This groundwork will equip you with the knowledge and expertise similar to that of a Mortgage Broker, who will take care of the rest for you!
Experience matters. If it didn’t, you would most likely just roll with the first Mortgage Broker that appeared on the top of your Google search and your experience may be underwhelming.
Look into how many years of experience they have. The more years of experience they have under their belt, the more confidence you will have knowing you are in the right hands when you find a mortgage broker best suited for you.
Whether you are looking into the services of a company, or an individual, some of the most important questions to find the extent of their experience are:
Qualified mortgage brokers should have the following:
All mortgage brokers should have their own Australian Credit Licence or alternatively, as required by the Australian Securities and Investments Commission (ASIC), they should be qualified to act as an authorised Credit Representative.
Brokers are limited to a list of banks they can obtain loans from, which is referred to as their “lender panel.”
Ensuring your broker has worked with multiple lenders is crucial for your financial interests as it provides you with a wider range of loan options.
A reliable broker should have a diverse range of lenders on their panel, as it will help to utilise different options based on the borrowers’ situation. It is best to confirm the number of lenders the broker has on their panel, how many they work with, and inquire about the reasons behind their choices.
Customer testimonials provide the most authentic insight into a product or service. Explore their Google reviews to read about others’ experiences. What do customers say about the services reliability, friendliness, and honesty? How prompt was their response?
Ideally, a reputable mortgage broker will have a portfolio of satisfied customers to share with the community and potential new clients.
If any of your family or friends have engaged with the services of a mortgage broker recently, ask them about their experience. Were they satisfied with their broker, and the guidance received? What qualities would they seek in their future broker?
By law, mortgage brokers must explain exactly how they are compensated, or paid. Typically, brokers earn a commission based on a percentage from the bank that is granting the loan, which is why there is no costs associated for you to use the services of a mortgage broker.
Consider it a warning sign if a broker struggles to address fundamental inquiries regarding charges, commissions, and ownership structures. Any reliable mortgage broker should consistently provide clear and transparent information about their business operations and services.
If you are looking for the best Mortgage Broker Geelong, our team at the Hrkac Group is here to provide you with practical and effective financial advice.
We’ll assist you in finding the best home, or business loan solution tailored to your specific needs. Our honest, knowledgeable team of Geelong mortgage brokers will give you the confidence to negotiate for your future, so together, we can develop and maintain your wealth with our transparent approach.
Contact our team of Mortgage Brokers today on (03) 5224 2366 or book an appointment here.
