When you are in the market for a mortgage, it is important that you not only shop around, but you also need to do your research. An excellent place to start is the Choice Website that has some good information, especially for first-time buyers. Once you have educated yourself, you will need to start shopping around and looking for a mortgage broker that is honest, reliable, and one that you feel you have a rapport.
- Friends and Family
An excellent place to start looking for a Central Coast mortgage broker is to speak to your friends and family. Buying a house is something that the majority of people do, so most of your friends and relatives will have experience with this. Ask them for recommendations and also their advice, asking them if they would do anything differently if they had to repeat the process. A personal recommendation can save you a lot of time and effort in trying to find a good broker.
- Shopping Around
It is important that you speak to as many different brokers as possible as you will find what companies offer can vary dramatically. One thing that you will notice when you enter the market is that it is very competitive.
With so many different lenders touting for business, it will be worth your while to speak to the larger firms as well as also speaking to the second tier lenders who may be able to offer you an exceptional deal. Whether you are looking to buy a service or a product, it is always advantageous to shop around and not take the first offer that you receive.
- Read the Small Print
When it comes to mortgages, there is a lot of small print, but it is important that you not only read it but also understand it. It is in your interests to ask specifically about the finer details, and any good broker will be happy to discuss these and answer your questions. Agreeing to a mortgage is a big step in your life, so it is important that the broker does not pressure you into making a decision, or choosing a policy which suits them best. If a broker is going to pressure you into making a decision, then it is best that you walk away and find a more compassionate one.
- Fully Licensed
All mortgage brokers must be fully licensed, so this is one of the first things that you should check out. As well as this it is also desirable that they are accredited to one of the industry associations such as the FBAA (Finance Brokers Association of Australia), or the MFAA (Mortgage & Finance Association of Australia). When you deal with a company that is a member of one of these associations, they have strict criteria to fill to meet the standards set. Otherwise, their membership is revoked. So always make sure that you use the services of an accredited and licensed mortgage broker for your peace of mind.
Just do not rush into a decision, take your time and think things through. If you are unsure, ask someone knowledgeable for advice. When you are comfortable with the broker and the mortgage that is on offer, you are only a few steps away from owning your first home!