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How to Use a Mortgage Broker

If you’re looking to buy a home and take out a mortgage, it is a good idea to enlist the help of a mortgage broker. Mortgage brokers have years of industry experience and connections they can utilise to find the home loan that suits your needs and their services are free. This article will give a brief overview of how to use a mortgage broker best so that you can use one to purchase your next home.

Make Sure Your Broker is Licensed

Before you meet your broker, it is essential to ensure that they are a licensed broker to provide the advice they give is authorised. An easy way to check this is to search for their name on ASIC Connect’s Professional Registers.

List of Things You Must Have in a Loan

The other thing you should do before you meet your broker is to prepare a list of things you want and things you would like in a home loan so that your broker can work with you to find one that includes those.

Initial Meeting with a Mortgage Broker

Make sure to ask lots of questions, your broker’s extensive knowledge and experience are free, so make sure to take advantage of it. Your broker will be able to explain every loan option in detail, and if you aren’t happy, they can find you alternative loan solutions. Also, make sure to ask to see loans from several different lenders so that you can compare interest rates across lenders even if you have a preference for a specific lender. Small differences in interest rates add up substantially throughout the home loan.

If you decide to use a mortgage broker, it is a good idea to keep these things in mind to utilise their services best.

If you would like to learn more about working with our brokers, please get in touch with us today.