Question 1

Should You Talk To More Than One Mortgage Broker?

Accepted Answer

Having multiple offers in hand provides leverage when negotiating with individual lenders. However, applying with too many lenders may result in score-lowering credit inquiries, and it can trigger a deluge of unwanted calls and solicitations.

Question 2

Do Mortgage Brokers Qualify Borrowers?

Accepted Answer

Some lenders work exclusively with mortgage brokers, providing borrowers access to loans that would otherwise not be available to them. In addition, brokers can get lenders to waive application, appraisal, origination, and other fees.

Question 3

Is It Worth Using A Mortgage Broker Australia?

Accepted Answer

You can always do it yourself, And even before you think about going to see a broker, it's worth giving your current a lender a call to see if you can get a better deal. It doesn't cost anything, and it can save you money. And if you do choose to use a broker later, it sets a higher target for them to beat.

Question 4

Do Mortgage Brokers Get Paid By Their Clients?

Accepted Answer

In most cases, mortgage brokers are paid an upfront commission and a trail or ongoing commission for the business they bring to the bank. These commissions are paid out only once your home loan settles. The commissions themselves are based on a percentage of the loan amount and the LVR.

Question 5

Is It Worth Going Through A Mortgage Broker?

Accepted Answer

Working with a mortgage broker can save you time and fees. Cons to consider include that a broker's interests may not be aligned with your own, you may not get the best deal, and they may not guarantee estimates. Take the time to contact lenders directly to find out first hand what mortgages may be available to you.

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