How to Choose a Mortgage Broker

how to choose a mortgage broker

Mortgage brokers are professional financial specialists who assist borrowers in obtaining a home loan. They work with multiple lenders to find the best mortgage product that fits the borrower’s specific financial needs and goals. This could be anything from first home buyer loans to mortgage refinance and property investment loans.  Mortgage brokers act as the link between the lender and the borrower and help to simplify the mortgage application process for the borrower. Below we’ll explore the 5 key points to look for when choosing a mortgage broker in Australia:

  1. Experience and qualifications: We highly recommend  that the mortgage broker you choose is experienced and qualified. They should have a good reputation in the industry and be a member of a professional association such as the Mortgage and Finance Association of Australia (MFAA).
  2. Customized solutions: The broker should take the time to understand your financial situation and offer customized solutions that are tailored to your individual goals and needs.
  3. Communication skills: Good communication skills are essential for a mortgage broker. They should be able to explain the mortgage application process in simple terms and keep you informed at all times. If there is any jargon that you don’t understand, the broker should be able to articulate this in laymen terms.
  4. Fees: Consider the fees charged by the mortgage broker.  While most are paid a commission by the lender, some charge a fee for their services.
  5. Lender panel: Consider how many lenders the broker has access to, if a broker has access to a large panel of lenders it will give them more options when tailoring a solution to your unique needs.

Here at Reventon Finance, our brokers tick all the above boxes and are well know for their excellent communication skills and with no upfront fees and access to a large panel of over 30 lenders, we’re sure to be able to find a solution tailored to you.



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