Your mortgage broker can often get you a better mortgage. A quality mortgage broker can often obtain a better mortgage deal, ultimately giving you all the features and benefits that suit your lifestyle, as well as saving you thousands in interest over the long-term.
But be warned, not all mortgage brokers are created equally. Experience, quality products and advice together with a reputation for professionalism are key factors when selecting your broker.
When selecting a mortgage broker here are five essential questions to ask:
- How long have they been in the mortgage industry?
- What accreditations do they have?
- How long have they been with their current company? This can be an indication of how long they will stay around. Brokers that switch regularly often aren’t as good as they claim to be.
- How many lenders do they have access to? A broad range of lenders gives you greater flexibility and varied product choice.
- Which is their preferred product, and why?
Your mortgage broker should be asking about your needs and requirements before suggesting products and services. Each borrower’s needs are different. Therefore it makes sense that the broker should understand your position before making recommendations.