Working with the best mortgage brokers Newcastle in New South Wales (NSW) will ensure you get the best home loan. Whether you are a first property buyer, downsizing, upgrading or looking to refinance your mortgage, a broker will help you sort through the numerous options available.
Before you speak to a broker for the first time, it is important to ensure you are very comfortable with them. It is your financial situation the broker will be dealing with and not theirs. You need to ensure the broker has a license and they have the necessary qualifications. Once you get the right broker, you should ask them the following questions to ensure you get the best from their services.
What type of loan is best for my situation?
You need to feel that your broker has asked you a couple of questions and is trying to assess your needs before providing the best answer to this question. The more questions the broker will ask, the more they will try to gauge your needs. This means the higher the likelihood that the broker will match you to a suitable loan. They may also ask about the limits of your credit cards and will try to assess your borrowing capacity, based on your expenses and income. They may also ask you about your mortgage insurance and whether you would like a variable or fixed rate home loan. Where you stay can also impact what the broker thinks are the best options for you.
Who is on your list of lenders?
Experienced mortgage brokers should have a lot of lenders on their list. Financial services are a very complicated industry so it can pay to have a varied and large range of lenders on the panel of a broker. A combination of non-bank and bank lenders such as building societies is very important.
Having a choice of products is very important and can give you the confidence you need about the broker. It will assure you that the broker is focused on your needs. If the broker has more than twenty lenders on their panel then you can feel comfortable that you will have numerous options.
There is no need to go with a broker that has the biggest lending panel as the broker may only be familiar with the financial products from some of the lenders on their list. A good broker will not just understand your needs but they will spend time understanding loan terms, the key features of a loan and other options on the market. The industry is fast-changing so it is crucial to choose a broker that is updated with the latest products and trends.
What information should I have for my loan application
Mortgage brokers Newcastle NSW should have a printed checklist of the things you need to gather when applying for a loan. If you want to know more before you meet your broker, some checklists can help you. You will need proof of identity and this can be in the form of a passport or license, ID card, university ID card and proof of age card.
