Use an Online Broker?
After searching the internet for the best home loans available, it’s only natural to assume that you may also want to work with an online mortgage broker. Online mortgage brokers offer a wide range of benefits and can help you save time and money, and not to mention gas.
Before you begin working with any mortgage broker, you should ask them the following questions to determine if they are a right fit for you.
What mortgage company do you work for? – Before you give any information to an online mortgage broker, find out what mortgage company employs them. The internet is home to many shady individuals whose number one aim is to rip off unknowing consumers. Get as much information about the mortgage broker as you can and the company that they work for. Use consumer agencies, forums, agencies, and government websites to determine if they are legitimate and have an upstanding reputation in Australia.
How many lending agencies do they work with? – When it comes to finding a home loan, you want as many options as possible to guarantee that you will receive the best terms on your loan. Your online mortgage broker should not only work with multiple lending agencies but offer multiple loan products as well. The more options you have, the better.
Do they have a local office? – While the goal is to work with your mortgage broker online, it is also a nice option to be able to meet your broker in person and be able to visit them at their office, if you have any questions. If this option is not available, it’s not a deal breaker but you should make sure that your online mortgage broker will be available and is not subject to an extra heavy work load.
What fees do they charge? – Let’s face it, mortgage brokers have to get paid for their services, but that doesn’t mean that you have to pay them. Ask your broker what fees they charge and who’s responsible for paying them. Some online national mortgage brokers get paid by the loan companies while others take their fees directly from a commission you pay.
How much experience do you have? – Having experience is important when finding the best home loans that are available in Australia. Your mortgage broker should have at least one year of experience and preferably more in order to offer you the best service possible.
Using an online mortgage broker can be a positive experience if you know the right questions to ask.