6 Questions to Ask Your Mortgage Broker
Indeed, choosing a broker is beneficial to get the best home loan deal. Before deciding on a home loan, ask a few questions to the broker. Have a look at some of the question that you should definitely ask brokers before selecting one –
- How many lenders are on their lending panel?
Different lenders offer the same loan with the different interest rate. When looking for the best loan option for you then know how many lenders they consider. A broker should be in touch with a broad range of lenders including major and smaller. Compare the lenders to find out the reliable lender for you.
- Which lenders do they recommend the most?
Explore the list of the lenders they have and know which lenders they recommend the most. If they focus on only one lender most of the times when they may not have enough knowledge about other lenders.
- What type of borrowers do they serve?
You need to find a broker who can understand your situation. Borrowers usually mention in their ads that they deal with self-employed, bad credit loan, commercial loan and many more. Don’t just consider their ads. Make sure they have thorough knowledge especially when you know that there is something unusual about your situation.
- What fees do you need to pay to obtain a loan?
There are additional fees involved with the loan such as application fees and broker fees. Before you choose the broker, make sure to ask about broker fees. Additionally, ask when you need to pay the fees after approval or after settlement.
- What additional features you will get with your loan?
Home loan features are equally important as the interest rate. Thus, do prior research and search for a broker who can offer you different features with your home loan in Australia. Many times, additional features come with an additional cost and you need to figure out whether the benefit outweighs the cost.
- How much time required for the approval of the application and for settlement?
After completing the application form and submitting all the documents, ask the broker about the process of submitting the application. Furthermore, find out the approximate timeline for a full approval, conditional approval, and pre-approval with different lenders.
Make sure to ask the above-mentioned questions while choosing the mortgage brokers in Perth. After analyzing all the information about the loan options, make an informed choice.