So far, obtaining a mortgage loan is not a piece of cake especially with all the formalities and paperwork involved. That’s why many people hire a mortgage broker rather than going directly to the lender. Hence, it’s critical to choose the right mortgage broker.
However, choosing one can be a trouble, especially when you don’t know what all to consider. To help you in this, given below are ten questions to ask when looking for a mortgage broker. The top ten questions to ask your mortgage Broker:
- Tell me about your experience or for how many years have you been in this field?
A more experienced broker will definitely be more knowledgeable than a less experienced broker.
Try to get a specific answer from the broker here. Sentences like ‘I m experienced’ and ‘I have been in this business for many years’ are not enough. Get a concrete answer like ‘I have four years of experience.’
- Can you give me a number of loans that have you handled?
This question will give you more understanding of the broker’s experience. It is not about how long someone has been in the business, it is about how successful he or she has been.
- Do you specialize in any specific field?
You want to know if you fall in his specialization area or not. This can be very important especially if you have bad credit.
In such a scenario, you should look for a broker who has dealt with clients with a bad history of credit.
- Tell me why I should go for you?
Don’t take general answers here like “because I am the best”, ask for some specifics.
- What kind of help will you provide me?
You want to know how well the broker can guide you in this process. You should ideally go for a broker who will be there with you throughout the process instead of leaving you alone to handle the tasks.
- How long does it take you to respond to messages?
Again get a specific answer here like “I’ll reply within 4 hours”, rather than “quickly.”
- What should I do if you do not respond to my messages within the specified time period?
It’s a follow-up question to the previous one to know how serious the broker is regarding the business.
- Tell me about the number of lenders on your panel.
This is an essential question because if you want to get your loan from a particular institution and it’s not on the list of your broker’s list of a panel, there will be a conflict of interest to both the parties. So sort this out beforehand.
Most brokers have about 10 to 30 lenders on the panel, but some may have even more.
Since there are over 150 mortgage lenders in Australia, a broker will not have all the lenders on the panel.
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