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mortgagebrokers usually run their own businesses. Lenders work with mortgage brokersbecause they effectively give the lender a bigger "shop front"without carrying a traditional employee or "bricks and mortar"overhead. The lender pays the broker fees or commissions for your business.Just as if you were dealing with a bank manager or lender, these fees do notchange the interest rate you pay on a home loan. To be sure you are beingrecommended to the right lender, just ask your mortgage broker to show you allthe lenders on their panel, and what your loan options would be, to compareagainst each lender's criteria. Some mortgage brokers will be able to provide agraph comparison based on your loan amount and the different lenders rate feesand charges over the life of the loan. This will give you an overall ?cost ? ofeach loan available including interest charged over the term of the loan.
Establishing that a mortgagebroker is right for you and has experience and qualifications, as well as beingcommitted to the industry code of practice, is vital to ensure you're gettingthe best loan for your needs. Here is a step-by-step checklist that will helpyou know if your broker is on the level.
? For residential loans, all of the mortgage broker'sservices should be free i.e. is the whole service of giving you information inrelation to home loans, negotiating the loan for you and handling the paperworkthrough to approval
? The right mortgage broker will take the time to reallyunderstand your entire finance situation, both now and into the future
? Your mortgage broker should have a range of home loansfrom a wide variety of lenders, e.g. banks and non-banks, conforming andnon-conforming
? Ensure your mortgage broker is not just an agent forone lender
? Check the qualifications and experience of your mortgagebroker, are they a member of the professional mortgage association ( / FBAA - Finance BrokersAssociation Australia)?
? Make sure your mortgage broker discloses all commissionand payments received so you can judge whether a particular loan recommendationis being influenced by how much the broker will be paid
? Ask your mortgage broker to show you on their computerhow the loans they offer compare for your situation. Good brokers should havethe appropriate software and be able to clearly outline their criteria andlogic
? Your mortgage broker should have appropriate insurances
? A good mortgage broker should be able to explain themost complex loans in plain English
? It is up to you,but it really helps if you actually like your mortgage broker as well!
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