When you’re needing a home loan in the Canberra area, you’re going to find that Australia’s lending banks can be pretty strict and often deny people (unless they have a great relationship already built with them) that apply for home loans. Whether you’re buying your very first home, or even your second, third, need a commercial property loan, or even a refinance of your current mortgage, your best bet is to go through a mortgage broker for the right resource. But how do you know exactly where you find them, or even how? In this guide we’ll tell you.
What Do Mortgage Brokers Do?
Think about a mortgage broker like the middleman in most situations. The difference though, is that their job is to help you get the home loan with your interests in mind, and then find a lender with the best rates possible. Most brokers get paid by a commission from the lenders – sometimes being an upfront payment, or being paid throughout the time that you’re paying the loan.
Always Shop Around
You may want to do some homework and research a mortgage broker thoroughly before you ever try to go with them. You want to look for loan prices on the internet and shop around so you can get a general idea of prices and what loan you want for certain. This way, you can actually test whether the broker is legit or not when you go with them, and know all of the right questions to ask.
Find Out How They Get Paid
Remember earlier how we mentioned the two ways that mortgage brokers get paid? This is something to consider, because there are mortgage brokers that actually get paid by a trail commission. Most lenders have no problem giving the broker an upfront payment, and while a mortgage broker may have lenders that pay both ways, you probably don’t want to go with someone who only gets a commission based on trail commissions. This means that they don’t have an obligation to you during the life of your loan, but they’re continuously getting paid.
Is Your Broker Experienced?
Believe it or not, there are a lot of brokers out there who are experienced, and there are also many who are educated well (and don’t have experience). You want to always go with a broker who has both a high quality financial education, as well as the years of experience necessary. On top of this, you want to assess their overall personality in order to find out whether they’re really in this to help people or not. Learn to be a good judge of character so you won’t be judged later.
Conclusion By going to a broker in the Canberra area like Home Loans Grapevine, you can meet a reputable broker who is there to meet your needs, has decades of experience, and only offers the highest quality financial advice possible so that you can get whatever home loan you want. They even are willing to educate their clients on the different loan resources available and are not ashamed to help others find the best possible solution for their mortgage needs.
