use a broker?
all know that getting a loan from a bank can be a time
consuming and terribly frustrating experience, but should
we use a mortgage broker? We have heard that dealing with
a mortgage broker can be a less than satisfactory
experience so how do we find the best broker and what
value do we get from them?
brokers act as the intermediary between loan providers
and the client. Therefore, they should be able to
access a wide array of lending institutions to single
out for you the best loan product for your specific
mortgage broker will save you time as they will often
come to you. Once they have all of your information,
they will put the loan application together for you
and do the hard yards with the bank to get it
extends beyond the approval process where New
Jeneration Finance is concerned. We not only manage
the process but spend time dealing with all parties
involved in the settlement process to ensure that
settlement occurs in the smoothest possible way. We
also spend time with our clients after their loan
settles to help them understand the operation of their
facilities and in transferring their bank accounts
mortgage brokers provide their services for free, as
they are paid directly by the banks which in no way
affects the rate you are provided. They may charge a
fee where the loan is a difficult one.
are realising that the proper structuring of their
mortgage can have a significant impact on their short
and long term financial position. Professional advice
from a broker can ensure that all bases are covered
for you in relation to the structure of your
should you look for in a broker?
should look for a broker who is independent, that is,
they are not tied to a specific lending institution. A
broker will certainly have their favourite lenders
based on their experience with the products and
service levels received. There are some who are paid
the same commission level from all banks, therefore
providing a high level of independence.
should also make sure that the broker you use has
significant experience in lending. Find out what their
background is - is it in finance or a totally
broker have professional indemnity insurance? They
should have a reasonable level of insurance to cover
them in the event they are sued for negligence or
breach of professional duty.
whether the broker is a lender themselves. You don't
want a mortgage broker recommending loans to you if
they offer their own loans unless you can be
guaranteed that they will always recommend the best
loan for you and not lean towards their own loan).