If you are in looking to purchase your first home, you want the process to go as smoothly as possible. You want a broker who can organize your finance without fuss or stress. You want to be able to delegate as much of the process as you can, so you can focus on getting through the settlement period.
You are going to be looking for a mortgage broker who puts your interests first, communicates well and has a professional approach to obtaining your loan.
When searching for a broker who puts your interest first, you may have to pay a fee upfront. When you pay a mortgage broker a fee upfront, you are ensuring that they are not going to rely on commissions from the bank or ‘tail fee’s’. If a broker is charging a fee upfront, it means that are doing the right thing by you, as to not be dependent on the banks kick-backs.
Look for a broker who call’s you back when you ask, returns your emails and texts. This is your first home and you cannot afford to take any risks with brokers who are non-communicative. At the same, brokers may have other clients, this respect works both ways and you are not the only client who is trying to get through the process with as little hassle as possible.
Choose a broker who projects a professional image and takes their business seriously, you want a mortgage broker who understands the importance of their role and how their actions can impact you personally. Look for a broker who clearly advertises their contact information, takes the time to go through the process with you and informs you about the best rates from all the banks.
You want a broker who can suggest a product for you on your best interests, if a broker suggests you should take out a loan which maxes out your borrowing capacity, run – don’t walk away. If a broker is willing to put you in hundreds of thousands of dollars indebt for the sake of earning a one-time commission than you are better off elsewhere.