Need a Mortgage Broker
- (Gold Coast based)?
You realise that it is a good idea to use a mortgage broker (Gold Coast based) because of the access they have to all sorts of loans but are still concerned that they may not find you the best deal and instead sell you the deal that is best for them.
This is a real concern and you are right to worry. The mortgage broking industry is getting better with many regulations and accreditation being put into place. However the philosophy of the company can vary greatly. An ideal company is one that pays it’s brokers the same amount regardless which bank/s they suggest to you. If this is not the case then as ethical as the broker may be there is always the temptation to put themselves 1st and recommend products that give them the most amount of commission rather then products that are best for you. Also if they work for a company that has it’s own loan products the broker may be receiving incentives to write more loans from their company then would be justified.
So it is ideal to check out the websites of the brokers you are going to visit and find out how they work.
- Are they paid the same commission regardless of who they recommend?
- Are they accredited and a member of the MFAA?
- Do they have access to a wide range of lenders?
- Do they have their own loan products?
Mortgage brokers should never charge you as they are paid by the banks. In some cases they may give you a refund. If the mortgage broker says they will give you a refund you still need to confirm the above aspects as you only want a refund if it is the best mortgage for you.
Mortgage Broker (Gold Coast based) preferred supplier will do the best by you.
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