Whether you’re refinancing your existing home loan, or about to apply for a new mortgage to enter the property market as an investor or home-owner, choosing a professional mortgage broker is an important step in the path to your real estate success.

But, as with any service provider you hope to do business with, making sure they have the expertise you can trust is critical to a positive relationship. And when it comes to guiding you through one of the most important financial decisions of your life, having faith in the experience of a mortgage broker who offers the right advice and support is vital.

To help you make a decision about working with a mortgage broker, make sure you ask these questions:

1. How much experience as a mortgage broker do you have?

This question is, perhaps, the most important. These days, many newcomers to the industry are very inexperienced and that can lead to a lack of understanding regarding the complexity around loan advice and the different criteria individual lenders have. By choosing an experienced mortgage broker, you are more likely to have a smooth, positive loan application experience.

2. How is a mortgage broker different than a bank?

3. Are you a member of the Mortgage Finance Association of Australia (MFAA) or Finance Brokers Association of Australia (FBAA)?

4. Do you have your own Credit License, or are you a Credit Representative?

5. What do you need to know about me in order to find the loan that suits me best?

6. Do you charge me a fee for your services for handling my finance application?

7. What commissions do you get paid, as my broker?

8. How many different lenders do you work with?

9. What deposit do I need before applying for a home loan?

10. What is a comparison rate?

11. What information do you need from me, in order to process my application successfully?

12. What steps do I need to take to secure finance and go to settlement?

13. If I choose a variable rate, do I have the option to fix my  interest rate in at a later stage?

14. If I choose a fixed interest rate, can I lock my fixed interest rate in before settlement?

15. How long will it take to go through the loan application process from start to finish?

16. Can you explain what Lender’s Mortgage Insurance is?

17. How does having a default on my Credit Report impact my ability to obtain a loan?

18. If I apply for a home loan under your recommendation and I am turned down – will that affect my credit rating?

19. How can I ensure my home loan application is successful?

20. Can you share any testimonials from previous clients?

For more information about the finance you need to buy or refinance your dream property, talk to a member of our Lending Specialists’ team today on 03 8805 1800 or email me at barry@lendingspecialists.com.au.