MORTGAGE & HOME LOANUSING A MORTGAGE BROKER
It is the mortgage broker’s knowledge and ability to negotiate with the lender to get the best deal for you the main reason you should use one. They usually have access to a wide range of banks and non bank lenders. There are hundreds of different lenders that offer thousands of different products. Structuring your loan the right way can sometimes be more important than obtaining a cheaper rate. Exit fees, redraw fees or even normal ongoing fees are just as important and can have an impact on the costs you will assume over the time you have a mortgage. Making sure the loan suits your personal circumstances can be the key to saving thousands over time.How can it be a free service?
Brokers are an integral part of the finance industry with about 45% of all loans written in Australia going through a broker. Working closely with the banks they form part of the extended service, they work for a commission that is not loaded on the fees or the interest rate you are charged. Because the broker works for you and not the bank they can be objective in recommending products. It is also important that he broker be honest and not be driven by commission, an easy way to find out is to ask the broker to disclose all commissions they receive and compare it with the different products they are offering, you will soon find out weather they are after a quick buck.Look for the broker that really wants to build a long term relatioship. Ask a friend if they have dealt with a broker before.