Peter Gordon Dip.FP. & Dip.FMB.
e peter@investoproperty.com.au
Ph: 0401 214 134

The benefits of a Mortgage Broker and the questions to ask

Saturday, 24th May 2014

Having a mortgage broker you can trust and work well with is essential when investing in property. They are part of your team, so it is worth spending some time getting to know them.

There are some obvious benefits to using a Mortgage Broker. In her article Questions to ask your mortgage broker Jessica Darnbrough looks at the big three;

  • Choice
  • Sound advice
  • Legwork

Make sure you ask a lot of questions and tell your broker exactly what you are looking to achieve. It’s imperative you disclose your entire financial situation to your mortgage broker from the start so he or she can offer the best advice for you.

Be clear about your financial position and highlight any outstanding debt or ongoing monetary commitments you may have.

Jessica’s top 9 questions to ask your mortgage broker are;

  • How do you decide which loan is best suited to my personal situation?
  • How much of a deposit do I really need to obtain a loan?
  • What impact will my credit card limits have on my borrowing capacity?
  • What fees will I incur when taking out a home loan?
  • What features are included in my new loan?
  • What information do I need to provide you with to obtain my finance?
  • What are the procedures that I need to follow in order to obtain my finance and settle my loan?
  • Can I choose to fix my interest rate in at a later stage?
  • What is Lenders Mortgage Insurance?

If you have any questions or would like to know more about how a mortgage broker can help you please contact peter@investoproperty.com.au