Important Questions You Should Ask Your Mortgage Advisor
If you want a home loan, whether you are a home buyer, downsizing, upgrading or looking to refinance your mortgage, a mortgage broker newcastle can help sort through the options available from different lenders. A mortgage advisor can give you the necessary information you need to get the best deal.
Before you talk to a broker for the first time, it is important to ensure you are comfortable with them. They are dealing with your financial situation so they should customise the services to suit your needs. You should ensure they have a license.
If you have done your legwork and you are still unsure, you should go to a credit representative instead. You can still find the right mortgage. Here are a few questions you should ask a broker if you are considering their services.
Which type of mortgage is best?
When you ask this question, you want to feel like your broker has asked you a few questions and is trying to assess your needs before providing a suitable answer. The more questions they will ask, the more they will gauge your requirements and the higher the likelihood they will get you with a suitable loan. They may ask you about your credit limits and try to assess your borrowing power. They may also ask about mortgage insurance and whether you want a variable or fixed rate home loan. Where you live can affect what a broker thinks are the right mortgage options for you.
What lenders are on your panel?
Financial services are complex and it can pay to have a varied range of mortgage lenders on a mortgage broker’s panel. A combination of non-bank and bank lenders is very important. You need to have a choice of financial products. This will help you gain confidence with the broker. If they have more than twenty lenders on their panel, you will be comfortable that you will have a lot of options.
There is no need to go with a broker that has the largest lending panel since the individual broker may only be familiar with a few products from some of the mortgage lenders on their panel. Good brokers will not just understand your needs but will also have spent enough time understanding the loan terms, key features and the benefits of different home loan options available. The mortgage industry is changing at a fast rate so it is important to choose a broker that understands the trends.
What is the interest rate?
You want to get a low-interest rate so it is important for a broker to explain what the interest rate is and compare different interest rates from different lenders. This will provide you with an accurate platform to measure several loan products against each other.
You will realise that sometimes, the lowest interest rate can cost you more in the long run after accounting for the extra fees involved. Since a mortgage broker in newcastle is an expert in this matter, he/she should help you get the best interest rates with no hidden costs.
