November 06, 2014
With hundreds of options on offer you need to make sure your mortgage broker is working for you, and not the bank.
There is only one version of you.
You are the only one who has seen the things you’ve seen, and done the things you’ve done, and every person on the planet is different from the other.
Your financial situation is no different.
So when you’re looking for a home loan why would you speak to someone who is trying to fit everyone into the same financial box?
A home loan is for the long term.
That’s why discussing your goals should be the first port of call in any conversation with a potential broker.
At Mortgage Choice when we sit down with a new client in East Perth, finding out about their goals and what they hope to achieve in the next 3, 5 or 10 years is the best way to make sure the loan is right for them.
You should make sure the broker you choose understands why you’re looking for a loan, what you want to get out of it, and where you want to be in the future.
The options out there are endless, and sometimes overwhelming.
You need to make sure that you are speaking to someone who has access to, and the knowledge to assess, a range of different options from separate lenders.
At Mortgage Choice in East Perth we find that every person who walks through the door has some particular part of their financial story which makes them suitable for some lenders and not for others.
Knowing your goals, means that we can give you the best options which will allow you to move towards your goals.
The “A” Team
This one is a non-negotiable.
You should feel comfortable with your broker and certainly be sure that they are on your side when it comes to dealing with the various banks.
Apart from feeling comfortable in general with your broker, a great way to make sure that the broker is a part of your team, and working in your best interests, is to ask what the commissions are for the various options the broker has presented you with.
Aside from being legally required to disclose all commissions, you want to make sure that the broker is presenting you options based on your goals and personal situation, and not based on the one paying the biggest commission.
With all of our East perth mortgage clients this is one of the areas we are proud to talk about, mainly because as a Mortgage Choice broker we are paid the same no matter which lender you choose.
This is just one way you can be sure that we’re always part of your “A” Team.
All of the above points are great to remember when choosing your broker. But they all mean nothing if you can never get in contact with them or they don’t return your calls and emails.
If your broker sounds a bit like this, then it’s time to shop around.
Newsletters, Reserve Bank Updates and an annual check up on your loan to make sure everything is going smoothly should all be part of the service the broker is going to provide.
As an example, at Mortgage Choice East Perth, our newsletter The Perth Insider, along with our RBA updates are emailed to our clients once a month, and every year we take a quick look at your loan and how it compares with the rest of the market.
You should expect the same from any potential broker.
One of the best ways to make sure that all of the above areas are covered is to ask the people you know about their experiences.
At Mortgage Choice North Perth, one of the largest parts of our business is people who have been referred to us from someone we have helped in the past.
So make sure you ask the people you know who have used a broker before to gauge what their experience was and whether they would use the same person again.
In the end it’s up to you.
Any potential broker can tick all the boxes, but in the end if it doesn’t feel right they might not be the one for you.
After all, the broker is your filter between what you want, and the thousands of products on offer and all the associated bells and whistles.
They will be guiding you on a journey which is going to end with you repaying a substantial debt.
You want to get it right from the start.
If you would like more information please feel free to contact Peter Hale on 0402 252 150 or email at firstname.lastname@example.org.
If you’re interested in finding out more about home loans and finding the right broker you can read our other blogs on: