Tips to Choose a Mortgage Broker

Mortgage Application

Getting a mortgage is probably one of the biggest tasks you will make in your lifetime, so it is vital to ensure that the right choices are made. There are many different lenders offering many different loan products and this can be confusing for home buyers, especially if they are buying a home for the first time.

A good mortgage broker will help you find the best mortgage by:

– Talking with you about your financial situation and goals
– Finding and explaining financing options available to you,
– Working with you to get pre-approved for a mortgage (after you decide which loan you want), and
– Helping you complete your loan application, confirmation of employment and wages, financial information, credit report, and other documentation the lender needs.

So, who is a Mortgage Broker?

Mortgage Brokers are independent professionals licensed to represent and provide you with the best advice for your mortgage needs. Selecting a mortgage lender for your home purchase is a big decision. Here are five tips to help you find the right lender.

Shop Around

When it comes to choosing a mortgage lender, shop around and talk to at least three lenders to find the right professional, the lowest interest rate, and the specifics of the loan they can provide you with.

Get Recommendations

Start by getting recommendations from your real estate agent, friends, co-workers, and other homeowners. Look for someone who is skilled at explaining complicated financing concepts, and is experienced working with buyers like you.

Ask About Specific Experience

Are you a first-time home buyer? Looking for a specific type of loan? Every home purchase is unique, so ask potential lenders if they have experience with situations similar to yours.

How Long Have You Been In Business?

With the array of available mortgage brokers more complex than ever, experience is important too. Look for at least five years in the business.

Get a First Impression

Take note of your initial impressions! Are they prompt to respond? Are they friendly and willing to work? Are they willing to explain the current market trends and educate you about the different choices available?

A good broker lives and breathes home loans and should have their finger on the pulse at all times and share this valuable knowledge with you when you need it. Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help.

The author writes about home loans and mortgage lenders in Parramatta. She has published 100+ articles and blogs focusing on mortgage loans, home loans, in many publications. For more details, visit or call 1800 536 334 or Follow at Location: 8/142 James Ruse Drive Parramatta NSW – 2150