Tips on Qualifying a Mortgage Broker

If you wish to apply for a home loan, it always pays to get all the professional help you could use. Take a mortgage broker, for example. Through his knowledge, network, and expertise, he could help facilitate the entire process for you. He could fill in the paperwork required for the loan, negotiate with the banks, and even answer your mortgage-related questions.

However, there are some bad apples too in this industry. It is therefore important that you learn how to qualify a prospective mortgage broker. You want someone who could demonstrate his expertise and a professional who always puts your interests at the forefront.

Choose the right broker for you with these tips:

  1. Qualify his experience. You want someone who has been working in the industry for a significant amount of time. Not only will this demonstrate that he is highly-experienced or that he already built up relationships with many lenders, this would also establish his reputation. Those who are after getting quick commissions usually don't last very long in this line of work, so you want someone with years of experience behind him.
  2. Determine what he can do for you. In general, brokers will help you with the paperwork and negotiating with lenders. However, you want someone who could also provide you with the best type of service possible. An ideal broker should also be familiar with the requirements of each lender, and could also help you process your First Home Owner's Grant, if you're a first time buyer. Asking this question should also set what you could expect from your broker. The more services he could provide, the better.
  3. Find out how he works. It also helps to be familiar with how the broker will do his job. So ask about things such as how he can help you choose the best loan, procedures you might have to go through when getting the loan, and a timeline of the entire application process. As always, you want to work with someone who has a clear plan of action when helping you with your application.
  4. Other things to look into. It would also help you to find out about the following: associations he's a member of, commissions and fees involved with the service, and the lenders that he offers. Try to find out as much relevant information as you can. The more you know, the easier it will be for you to decide if your prospect's the one you're looking for or not.

Speaking of professional help, the expert advisors at Rate Detective could help you choose the best home loan for your needs. They will provide you with comparison rates of Australia's top lenders based on your personal circumstances, thus ensuring you get a loan that's truly tailor-fit to your budget and other requirements.

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Published on November 11-st, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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