How to Choose and Work with a Mortgage Broker in the Sunshine Coast

With so many different home loans to choose from, you may want consider hiring a mortgage broker in the Sunshine Coast to do most of the legwork for you. A broker can help you search the market and select a home loan that is right for you. If you decide to use a broker, make sure you do the following.

 

Do your research

Choosing a mortgage broker can be a difficult task. The best way to find a mortgage broker is through personal recommendations from family and friends. However, you might find that the broker that was right for them is not right for you. Most brokers offer free initial advice, so make a shortlist and meet with several until you find one you feel you can trust.

There are two main types of mortgage brokers: independent and restricted brokers. Independent brokers are able to consider and recommend all types of mortgages and/or mortgage providers that could meet your needs. Restricted brokers are only able to recommend a limited selection of mortgages and/or mortgage providers. Take the time to think about what type of advice you require.

Check that the broker is licensed

All mortgage brokers must be licensed with the Australian Securities and Investments Commission (ASIC). Find out whether your chosen broker is licensed by checking their name and/or registration number against ASIC Connect’s Professional Registers.

Keep your broker on speed dial

Now that you’ve found a broker to work with, you’ll want to keep him or her on speed dial. This is because it is wise to keep your mortgage broker informed of any loans or purchases you are considering before you’ve actually act. Good mortgage brokers are familiar with the rules and regulations of mortgages and have your best interests at heart. That combination can help you steer clear of any poor deals.

Ask for a written agreement

Once you have agreed to take out a loan, ask your broker to provide you with a written agreement detailing the type, amount and term of the loan, the interest rate, and any fees you must pay. Never sign any agreements without reading them or leave details for your broker to complete in your absence.

With so many different mortgages to choose from, finding and applying for home loans is more complicated than ever. If you have a respected brokerage, such as Ethica Private Wealth Specialists, however, the process becomes a more manageable task. You may even be able to find a loan with terms that you thought you could never get!

Sources:

(How to complain, moneysmart.gov.au)
(Factsheet: Using a broker, moneysmart.gov.au)