Meeting a mortgage broker can be an easy affair, for you will find a lot of them around you. It is putting your stake on a quality broker and making the most of the professional is what matters the most.
Now there are some steps to make the most of these mortgage brokers
Step 1: Checking if the broker is licenced
Before setting an appointment with the finance broker in Toowoomba, you need to see if the broker has a valid licence to give you advice on credits. Only professionals affiliated under MFAA or Mortgage and Finance Association of Australia are eligible to provide such services.
If the broker is not affiliated or enlisted under the MFAA, the professional is operating illegally.
Step 2: Deciding upon your MUST HAVEs and NICE TO HAVEs
You must take a hard look at things that they MUST HAVE and those which will be nice for you to have, but you can still manage without having them. The former is an absolute necessity and the latter is luxury you can manage without.
See whether you just need the lowest cost credit or there are specific features like being able to make some extra payments that you need as well. Thus, make a list of your MUST HAVEs or things that you cannot do without and ‘NICE TO HAVEs or things that you can manage without.
Step 3: Asking certain questions to the broker
Now that you have met the broker, you need to ask the professional a few questions:
- Do they offer credits from a wide range of different lenders?
- Why is the broker recommending the loan to you?
- What will be the fee that you will have to pay against the loan with taking it out?
- What are the features of the loan?
- Is the lowest cost option, or are there other options as well?
- What is the threshold for the LMI or Lenders Mortgage Insurance and what is the way to avoid it?
- What is the information that you will have to provide for the loan application?
Step 4: Getting a quote in writing, from the broker
After you have got satisfactory answers to all your above queries or more, if you have any, then you need to get a quote in writing, from the professional.
The written quote from a professional mortgage broker in Toowoomba should ideally have:
- Type of loan
- The amount of the loan you are eligible for
- The loan term or duration
- The interest rate at which you are taking the loan
- Fees that you will have to pay. Ideally, it should include the compensation of the broker, the loan application fee, and the other ongoing ancillary fees.
Now that you have all the information in writing, you are good to go ahead for the load.