Blog

The 22 important questions you should ask a mortgage broker

Nathan Osinski | March 13, 2018

When applying for a loan for a new home or investment property, or refinancing your current loan, an experienced mortgage broker can be an invaluable ally. Unlike when going directly to a lender, your mortgage broker can review a wide range of lenders and lending products to help you apply for the loan that suits your individual needs.

With a large financial commitment such as a home loan, it’s best to fully understand the whole process and know what you’re getting into before you sign a single document. Here are some important questions to ask your mortgage broker.

Questions to ask when choosing a mortgage broker

1. What experience do you have as a mortgage broker?

2. Do you have membership in the Mortgage Finance Association of Australia (MFAA) and/or the Finance Brokers Association of Australia (FBAA)?

3. What process do you go through when identifying which home loans might suit a particular personal situation?

4. What, if any, brokerage fees do you charge?

5. What commissions are you paid on successful home loan applications?

6. Which lenders do you work with?

Questions to ask your mortgage broker about home loans

Once you have settled on a mortgage broker, here are some further questions to ask regarding home loans:

7. How much of a deposit will I need in order to obtain a home loan?

8. How will my existing personal loans/credit card limits impact my borrowing capacity?

9. What additional fees will I be liable for when I take out a home loan?

10. What home loan features would be advantageous in my personal situation?

11. Do you have a checklist of all the information I need to provide?

12. What are the procedures required in order to obtain and settle my loan?

13. Do I need to fix my interest rate right at the start or can I choose to fix it at a later date?

14. How long will the process take to obtain the finance I require?

15. Can you explain the details of Lenders Mortgage Insurance and whether or not it will be required?

16. Can you process the First Home Owner’s Grant on my behalf if I am eligible?

Questions to ask once your mortgage broker has recommended a suitable loan or loans

Once your mortgage broker has identified a loan product or products that he or she feels would suit your needs, here are some further questions for you to ask about the loan conditions:

17. Why are you recommending this/these loan(s) and how do you see that they meet my needs?

18. What is the interest rate, and is it a short-term promotional rate or permanent?

19. Can I make extra repayments during the life of the loan?

20. Do charges apply if I repay the loan early and if so, how much?

21. What additional fees do I need to cover, e.g. for valuation and legal fees?

22. Can you arrange loan protection insurance on my behalf to ensure I can meet the repayments in the event of involuntary unemployment, serious illness and injury or death?

Whether you are planning to buy your first home, sell your home and move to another home, refinance your current loan or buy an investment property, knowledge is confidence, and a qualified and experienced mortgage broker can be your ally, accessing loans from a range of lenders, helping with advice and paperwork.

Want to know more about why you should use a mortgage broker?

About Me

Reviews (0)
Following (5)

<% currentCount %>

Nathan Osinski

Current Rating: 5 / 5

Finance Broker

Osinski Finance

www.osinski.com.au

Baldivis, Western Australia

0432 570099

A Step Above

In today’s market you can obtain a mortgage from a variety of lenders. However, it’s important to remember that a mortgage is more than an interest rate; it is a way to build wealth, increase liquidity, and build a brighter future for you and your family.

As a fully accredited mortgage broker holding a Certificate IV and Diploma of Financial Services, my focus is helping each client understand how money works, and allow them to see how seemingly minor choices can have major impacts on their financial lives. Whether it be buying your first home, refinancing and consolidating debt, or building an investment portfolio, my goal is to educate you about how a properly planned and managed mortgage can be a critical tool to meet your short and long term goals.

A Trusted Advisor

When searching for the right home loan many clients ask, “Who can I trust to help me with this?” The foundation of my innovative business model is based on trust. My main goal is to not only exceed customer expectations, but provide professional and personalized service that builds the kind of trust where clients will gladly refer my services to friends and family. I run a relationship-driven mortgage advisory business with a rock solid commitment of being accountable to each for the home loan I recommend.

A Community Friend and Neighbour

What truly sets me apart is my dedication to help those around me. I’ve always looked for ways to serve the community in everything I do. This has led me to become an active member of the Baldivis Volunteer Fire and Emergency Services Brigade in addition to working as a mortgage broker. And it’s this work ethic and drive to serve that I bring to the office each day for my clients.

Contact Me Today!

I’m dedicated to helping homeowners make the most informed mortgage decision possible. One that integrates your personal financial plan and major life goals, such as retirement and wealth accumulation. There’s no cost to my services, so you have nothing to lose. Contact me now to get started!

Contact Me