The real estate market in Australia is experiencing a phenomenal surge as demands for scenic properties are at an all-time high. Fearless forecasts reveal that the real estate market in the country will reach a staggering US$7.56 trillion in value by 2024. With this data in mind, now would be the best time to roll up your sleeves and evaluate your borrowing capacity so you can invest in real estate.
Whether you use it and call it home or turn it into a lucrative business, investing in real estate today is a very sound direction to take. If you are doing it for the first time or you intend to expand your assets, it is highly recommended that you tap the services of a professional mortgage broker if you’ve never done it before.
If you intend to work with a professional mortgage broker, how do you make sure that you commission someone reliable and well-experienced? We created ten tips to guide you.
1) Check for Licensing and Credentials.
All professional mortgage brokers are required to have a license. Brokers can be self-employed business owners or they can also belong to a big brokerage working alongside a team of industry experts. Choosing which broker you would want to work with would highly depend on who you think you’re comfortable working with after looking at their credentials.
2) Look for Experience and Specialisation in Mortgages.
Someone with a wealth of experience is indeed a keeper. They know how the industry works and they can find solutions around challenging scenarios. They are also highly likely to be good negotiators after building an impressive track record. It is also best to look for someone who specialises in mortgages as that would be someone who stays updated and well-informed when it comes to the latest trends and products in the market.
3) Ask for References or Read Reviews.
Always look for feedback on a broker’s services and look for how satisfied their clients are. Reading customer feedback is a good place to get to know a mortgage broker better. If there are great reviews, solid credentials, and reliable experience then you have most likely found a keeper.
4) Compare Fees and Commission Structures.
At the end of the day, you wouldn’t want to be blindsided. Ask straight away about professional fees and commission structures so you don’t get surprised when the time comes. There are several ways for mortgage brokers to get paid and you need to ask yourself which one works best for you.
5) Evaluate Their Access to Mortgage Products.
Research how vast a broker’s network with lenders is. A broker who has a wide network of lenders is highly likely well-versed when it comes to their mortgage products, knows how to get better rates, and can get it done faster.
Hire the best mortgage brokers in your suburb. Check out these mortgage broker directories:
| Find Mortgage Brokers In: | |
|---|---|
| Altona Meadows | Altona |
| Williamstown | Newport |
| Altona North | Seabrook |
| Laverton | Spotswood |
| South Kingsville | Seaholme |
| Brooklyn | Williamstown North |
6) Consider Their Communication Style and Responsiveness.
Choose someone who can communicate with you professionally and courteously. See how they respond to your inquiries and concerns. Ideally, they should take their time in explaining the processes, requirements, and implications of your decisions. If you’re going to get someone, get the one who cares enough to correct you when you are about to make a misstep.
7) Check for Any Disciplinary Actions or Complaints.
Make time to do a thorough background check to see if the broker has had issues in the past that may have damaged his or her integrity. It would be better to work with someone who has never been involved in any money controversy.
8) Assess Their Understanding of Your Financial Situation and Goals.
The perspective of your potential broker matters a lot. Do they see your financial situation as a setback? A challenge? Or a temporary bump along the road. You can tell a lot about a person’s character by how he or she perceives wealth or the lack thereof.
9) Ensure They Provide Clear Axplanations of Mortgage Terms and Conditions.
When getting a loan, you need to stay well-informed throughout the process to eliminate misunderstandings. Make it clear to your broker that you want to see and review the mortgage terms and conditions. If there are grey areas that need to be clarified, they ought to be more than willing to explain them to you.
10) Look for Personalised Advice and a Tailored Mortgage Solution.
The greatest gift you will probably receive from any professional mortgage broker is personalis
ed advice and a tailored mortgage solution that will not hurt your budget. A broker who understands your situation and delivers the same degree of excellent service is someone you might want to consider.
Final Words
At EasyHome, your welfare and satisfaction are our topmost priority. It is for these reasons that we work tirelessly and strategically to ensure you get the best transitions in life with the help of our top-notch professional mortgage brokers. Sign up for free today and explore the many benefits of our professional services.
