You are buying a home and need help choosing a mortgage but are you confident in the mortgage broker? It’s important to take the time to talk things over with the broker before they go ahead and take your case. Asking a few questions can be important to give you some peace of mind and be totally sure this is the professional for you. However what questions should you ask a mortgage broker?
Do You Offer A Commitment Letter?
Commitment letters really set out what you personally expect your interest rates to be so your broker has the duty to lock your rates. This is very important as you don’t want your mortgage broker to gamble on the lock rates and wait too long only for the rates to increase. If you ask your broker about a commitment letter they hopefully will be more than happy to offer one. However, if they do not then that doesn’t mean to say they are terrible brokers but it’s something you definitely need to think about. Click here.
How Much Do You Charge And How Will You Be Paid?
Be aware mortgage brokers Melbourne charge a fee for their prices. Without money they can’t do anything and that essentially means you have to enquire as to the appropriate fees. Now, it’s important for you to know how much the broker will charge you as well as how they are paid. Usually the fees are paid by you but the way in which they are paid can vary. It would be an idea to pay the money personally so that their fees are settled and out the way – but only after they’ve finished their job.
May I See Your References
You can do your home about a broker you’re planning to hire but sometimes they can’t offer you a real insight into what they are all about. However if you ask to see a few references it can open your eyes a bit more. Usually a broker isn’t shy about handing over a few references or contact information from previous clients. This can be an important question to ask and hopefully the broker will be able to shed light on their past experience. To find out more, check out www.mortgagebrokerco.com.au.
How Long Have You Been In The Business?
This doesn’t just cover how long they have established their own personal company but rather how long they have been in the trade! This is valuable because a lot of people dismiss those who have only recently started their business or have been up and running for a few years; but if the mortgage brokers Melbourne have worked with other established names, that can count for something. Always ask how long they’ve been a licensed broker.
Don’t Forget To Ask the Important Questions
You may be buying a home but that doesn’t mean to say you shouldn’t take your mortgage seriously. Yes, most mortgage lenders will be more than happy to loan you the money, however, that doesn’t guarantee the mortgage terms are suitable for you. If you end up with the wrong mortgage, it can have an effect on you later and it will cause a lot of trouble. The best mortgage brokers Melbourne will find a suitable mortgage and don’t be afraid to stand up and ask a few choice questions.…