Ten Questions to Establish a Mortgage Loan Broker


1. What mortgage lenders do you as a Loan Broker have on your lending panel?

It is recommended that you deal with a broker who is a Mortgage Planner or a Loan Broker who has access to multiple lending institutions, in contrast to a Mortgage Representative that only represents one lender.

2. What is the most appropriate type of Home Loan to be suitable for my cash flow cycle and financial structure?

The Refinance mortgage broker or mortgage planner should be able to describe the specifics of how the home loan will support your financial plan and boost your cashflow. It is essential that you are able to pay the loan installments with a method that maximizes your cashflow and minimizes the mortgage interest.

3. Do you prefer to focus on mortgages that have the lowest mortgage interest cost?

If the response is a straight yes, then ask the reason and proceed cautiously! There is nothing wrong with low home loan interest rates provided the lending institution has a track record of cheap interest rates and a solid funding! Loans which appear to offer an excellent deal could come with excessive penalties, charges and charges, or not provide the flexibility of application that you’re looking to use in the future. To prevent selecting a loan that you later regret be wary of the advice that is primarily based on interest rates that are low.

4. What home loan products most suitable for my particular situation and goals What are their benefits to any future plans I may be planning?

Be sure that you are sure that the Mortgage Loan Brokers’ proposal consists of not less than three home loan products that display fair comparisons among the various   Mortgage broker license products. Don’t compare one product against two others. Find features of the product and product versatility that will allow you to alter the home loan product to accommodate your future goals and goals.

5. What other fees and charges are I subject to, other than the charges and fees associated with my home loan?

Finance Institutions as well as Service Providers and Government Departments typically charge fees for the financing procedure and often they may be a pricey unexpected cost for those who aren’t careful. Mortgage planners or mortgage broker will provide a loan costing sheet that lists all charges and charges associated with the home loan process.

6. What is the commission structure and how will you be remunerated?

It is crucial to ask for detailed explanations of the payments that your service provider has made for their actions. This will help you recognize and reduce conflicts of interests. Be cautious if the Lender’s proposed commission is the most compensation of all credit providers that are on the broker’s panel. This could signal a conflict.

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7. Do you provide potential customers with the Mortgage Broking Agreement?

There are many different Refinance Mortgage Brokers service is specific in the kind of service it provides in comparison to what it is that you want as a final product. Hence it is highly recommended that a Mortgage Broking Agreement be drawn up among the parties to define the scope of services/products to be provided and the payment associated with the work.

8. Do you conduct FREE Yearly Reviews and what extra services do you offer?

Find out how willing the broker is to communicate with you and make sure that the mortgage is meeting your needs. Are there additional services offered by the broker through referral or directly what savings can you avail when you combine these services with the mortgage?

9. If there’s a dispute between us, how do we go?

Do you offer the External Dispute Resolution Service (EDRS)? Request the service provider to provide clarification on the complaints procedure provided by their company, describing whom you could complain to and which EDRS they are a member of? A dependable Refinance Mortgage Brokers will give you a personal Financial Services Guide that will detail all details of their complaints procedure and the terms of your Mortgage Broking Contract.

10. Are you a MFAA-certified mortgage loan broker?

You can do business with a MFAA member broker by dealing with someone who meets the minimum requirements of education and work experience in order in order to keep their membership status.


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