How To Choose A Mortgage Broker
A mortgage broker serves as an intermediary between property buyers/owners and lenders. They liaise between financial institutions and promote a choice of loan products based on the borrower’s budget, requirements and objectives. Mortgage brokers do more than just getting you a home loan; they provide strategic mortgage advice, help customers iron out all the details in the mortgage process, and ensure they understand the full scope and details of their loan.
However, not all brokers come with the same diverse portfolio, industry experience, or lender partnerships to give you a wide range of loan options to choose from. In this article, we’ll tell you what to look for when it comes to finding a reliable mortgage broker that you can trust to help you build wealth through property.
Check for Lender Panel Quality
Brokers partner with different lenders, and their list of lenders is known as their lender panel. Some brokers might only work with a small handful of banks, while others work with 50 or more. When it comes to choosing a broker, it’s a matter of both quantity and quality.
If you’re wondering which mortgage broker to engage with, you should know that brokers with larger panels have more resources to work with. As a borrower, this improves your odds of finding a loan that is suitable and also competitive. Borrowers should come away from their broker consultation with a better idea of how much they can (and should) borrow.
You want to work with a mortgage broker who works efficiently and digs right into the details with you to find you the most suitable loan that matches your needs. It’s the broker’s responsibility to whittle down a long list of loan packages, so you can find one that truly fits your specific set of criteria. Before engaging the services of a mortgage broker, it’s important to do your research beforehand and check who is on your preferred broker’s lending panel. It’s important to ensure they have a range of reputable lenders and institutions in their panel so you don’t miss out on good deals. You can check with your mortgage broker personally or check their website to see who is on their lender panel list.
Check If They Have A Back Office Support Team
From investor loans to first-time homeowner loans, every borrower has their own unique set of circumstances. Some borrowers face roadblock after roadblock while others will find nothing short of the red carpet rolled out for them. However, in order to take advantage of every benefit and navigate every barrier, you need to find a mortgage broker who is backed by an experienced support team who thoroughly understands the details.
A support team is a group of experts and specialists who assist the mortgage broker with the administration of a loan application. Borrowers should look for brokers who have a rock-solid and diverse support team, so they can get everything they need from one organisation, in a time-efficient manner.
At Shore Financial, we believe mortgage broking is a team sport, which is why we have a team of 30 expert brokers who can manage complex phases and roadblocks. With our brokers having access to huge experienced back office support, you are guaranteed a smoother, stress-free experience throughout the mortgage process.
Find The Right Company Structure
There are two major types of company structures when it comes to mortgage brokers. Some brokers work single-handedly and operate on their own. However, the disadvantages of a single broker often outweigh the perks, as it’s all too easy for something to slip through the cracks.
Sole brokers may only have access to a limited lender panel. They might be unaware that borrowers qualify for certain incentives. They also may not be entitled to certain benefits, and some banks may not work with them at all. For example, there are major banks in Australia that do not work with brokers with less than two years credit experience and others that will not accredit brokers that are not available to meet their clients face to face, making it difficult for online brokerages to offer a full range of products. A company with the size and scale like Shore Financial, ensures that borrowers have a wide range of options to choose from, so they can pick the most suitable one with everything they need. The right mortgage broker should never compromise the well-being of their clients, or limit their options to a few home loan products that they provide.
Opt for Brokers with Great Post-Agreement Relationships with Clients
Once a borrower has picked out a loan and signed off on all the paperwork, it’s not unusual for mortgage brokers to get out of touch and lose any kind of meaningful communication. A good broker that you can trust will maintain a strong relationship with you and will continue to inform you of any new opportunities that may pop up along the way that ensure you can own your home faster.
A trusted mortgage brokerage like Shore Financial is 100 percent committed to driving your property goals forward. It’s why we reevaluate your terms after you’ve held your property for 12 months, and every year thereafter so you can continue to explore new options that may be more relevant to the changing times. To our team, you aren’t just a one-off encounter — we want you to sleep soundly about your financial decision. Whether it makes sense to refinance, make an extra payment at the end of the year, or just keep the loan as is, we provide personalised advice so you can move forward with your home and property goals in confidence.
Shore Financial: Australia’s #1 Independent Mortgage Brokerage
If you want to look for a long-term mortgage broker that you can trust to help you with all your property needs for the long haul, it pays to evaluate their business across multiple factors. Questions you should always ask yourself when choosing a mortgage broker are: can they offer you the best range of home loan products and incentives? Can they continue to give you the support you need even after your agreements have been signed? Can you trust them to give you the support you need to for the long haul?
While there are many mortgage brokers available to choose from, Shore Financial continues to stand out for being the trusted advisor in the industry, largely because we always go the extra mile for our clients. Whether you’re diversifying your portfolio or buying your first home, our team of mortgage brokers and specialists can help you find what you need on your terms.
Contact us today to learn more about how our lender panel, support team, and annual reviews can work for you.