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Mortgage & Refinancing Information |
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A Guide to Selecting a Mortgage Broker in Australia
Once you have made the decision to buy a home you will need to obtain mortgage financing for your purchase. Until about fifteen years ago buyers had to go directly to banks to obtain loans and shopping around for the right fit was a long process. Mortgage Brokers are experts in home loans who will consider your financial situation and financing requirements and then shop around for various lenders to find the best possible deal on financing for your purchase. Because mortgage brokers understand the loan process and the criteria used by lending institutions in evaluating borrowers they are able to make sure your loan application is completed correctly the first time resulting in a much smoother process. This can ultimately lead to faster approval. In addition they have access to hundreds of loan products with many different lenders resulting in the flexibility to find the best possible loan and interest rates for your situation. It is no wonder mortgage brokers now write about 30% of all mortgages in Australia. Your mortgage broker will not only find you the best rates and programs based on your needs, they will also help you understand the process, and if necessary negotiate on your behalf if you have less than perfect credit. It is recommended that you shop around for a mortgage broker that you feel comfortable with. You can often complete a small questionnaire online and someone from the mortgage broker will contact you to discuss what they have to offer. Be sure to apply to multiple mortgage brokers online and don't be afraid to ask questions including how they get paid and what their fees are for particular loan products. It is important to choose a mortgage broker that is a member of the Mortgage Industry Association of Australia (MIAA) or the Finance Brokers Association of Australia (FBAA) because they have certain professional standards they must adhere to. There is much more to choosing a mortgage broker than finding the one which quotes the lowest interest rates. You may find that one has the lowest interest rates but is charging too much in hidden fees. It is important that you shop around and choose a broker with a good reputation. Your professional real estate agent can be an excellent source for obtaining names of potential mortgage brokers. Also, try asking friends, family or co workers who they recommend. Everyone feels better doing business with companies who are recommended by people they trust. Copyright 2005 by Robert Scott, LoanSense.com.au Robert's LoanSense website is dedicated to helping Australian borrowers get the best possible deal on a Home Loan in Australia. If you are looking for a home loan be sure to review the information on using a Mortgage Broker to find the best loan for your situation.
MORE RESOURCES:
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal How to Refinance a Jumbo Loan Credible News Now's a good time to refinance your mortgage KTNV Las Vegas Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com Is It Already Time To Refinance Again? Mortgage News Daily What is the average refinance closing costs? The fees add up Business Insider Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution What is the cheapest way to borrow money? Fox Business What Is A No-Closing-Cost Mortgage? Bankrate.com Compare mortgage, refinance, insurance, CD rates Bankrate.com Mortgage rates hit historic low and local real estate market soars WNEP Scranton/Wilkes-Barre Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage refinance: Everything you need to know Fox Business Continuous increase in housing demand during pandemic WKRC TV Cincinnati How to get the best mortgage refinance rates Fox Business Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance Business Wire How to refinance your mortgage Fox Business LowRates.com Mortgage Reviews & Ratings Bankrate.com 10 things to know before refinancing your mortgage Fox Business Is now the best time to refinance your mortgage? Fox Business There Has Never Been a Better Time for Co-ops to Refinance Habitat magazine 7 ways to make extra income in retirement Bankrate.com When should you refinance your mortgage? Fox Business Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC How does mortgage refinancing work? Bankrate.com I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider The impact of the coronavirus on mortgage refinancings Brookings Institution The basics of no-closing cost mortgage refinancing Fox Business Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times Right now would be a good time to refinance your mortgage Tampa Bay Times Should you join the rush and refinance your mortgage now? Washington Post |
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