What Do Mortgage Brokers Do?
Mortgage brokers offer a service (often a free service) where they can help you find a home, investment or commercial loan.
Most brokers have lender accreditations with between 5 and 40 lenders. Most of these lenders include the major banks and many second tier banks, building societies, mortgage managers and credit unions.
A mortgage brokers service goes well beyond finding you the cheapest loan. They can;
Find a mortgage that is best suited to your lending needs
Prevent you from making common mortgage mistakes
Compare interest rates, fees and lender policy with multiple lenders and
Help negotiate better terms and interest rates
Show you how to structure your loan to pay your mortgage quicker or taxation benefits
Come visit you in you home or office after hours if convenient.
Handle all the paper work and submit the loan to the lender and keep you regularly updated
Offer ongoing support and yearly loan reviews
Most Mortgage Brokers are members of Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). MFAA and FBAA members need to achieved a set education and experience level as part of their membership criteria, abide by a strict Code of Practice, and must be a member of the Mortgage Industry Ombudsmen Service.
The MFAA has produced 10 questions you should ask your mortgage broker. This will answer all your frequently asked questions about mortgage brokers and their services.