If you’re looking for a new home, a helpful mortgage broker can make the process much easier.
But how do you choose the right one? It’s like conducting an interview – you need to ask the right questions.
This guide will give you important questions to ask so you can find a qualified professional who can assist you in achieving your dream home.
Why It’s Important to Ask a Mortgage Broker Questions
Choosing the right mortgage broker can have a considerable impact on your ability to secure a loan and get the most favorable mortgage terms and interest rates.
Added to that the best brokers will offer useful advice and direction during the home purchasing process.
Hence, it is crucial to ask targeted inquiries when choosing a mortgage broker to confirm their expertise, dependability, and commitment to your best interests.
Ask questions to gain insights into a broker’s expertise, experience, and working style.
Find out about their knowledge of the market, approach to clients, and commitment to your goals.
It’s important to feel confident and comfortable with your choice.
Stay tuned for critical questions to ask when considering a mortgage broker, with examples from Hatch Financial Services.
Question 1: How Many Lenders Are On Their Panel?
When searching for a mortgage broker, it’s crucial to inquire about the number of lenders they work with.
This is significant because the more lenders a broker has relationships with, the higher the possibility of finding a mortgage product that suits your specific requirements.
Brokers who have a broad range of lender partnerships can provide a wider array of options, which increases the likelihood of discovering a loan with terms and conditions that match your financial circumstances.
Hatch Financial Services proudly uses a panel of over 30 lenders. This means we can provide their clients with a broad range of options, which increases the likelihood of finding a loan that’s just right for you.
Question 2: How Many Lenders Have They Used In the Last 12 Months?
When looking for a mortgage broker, it’s important to ask how many lenders they have worked with in the past year.
This will give you an idea of the broker’s relationships with lenders and their ability to negotiate the best loan terms for you.
Even if a broker has many lenders on their panel, it’s important to know if this is just “window dressing” or not.
If in reality the broker only uses a few lenders then you need to question the depth of their expertise and if they are truly looking for the right options for you.
At Hatch Financial Services, we’ve consistently used over 12 lenders a year. This demonstrates our active engagement with a diverse group of lenders, ensuring we can offer you the best possible mortgage options available.
Question 3: What is Their Experience in the Industry?
It’s important to ask about a broker’s experience in the industry to understand their expertise.
A seasoned broker has a wealth of knowledge and a profound understanding of market trends and lender behaviours.
They’re likely to have encountered a wide range of client scenarios, which means they’re well-equipped to handle your unique situation.
At Hatch Financial Services, experience is one of our key strengths.
The Founder, Tim Gaspar, has over 20 years of industry experience, and the team collectively boasts a staggering 50 years in the field.
This wealth of experience that our team has accumulated means we have navigated a number of ups and downs in the market and how that plays out for both clients and lenders at each stage of the cycle.
We also have a deep understanding of the intricacies of the lending industry.
Question 4: Who Are They Accredited With? Which Broking Bodies?
Accreditation is a crucial factor to consider when choosing a mortgage broker.
It assures you that the broker adheres to a professional code of conduct, is fully qualified, and stays current with industry changes and regulations.
It’s essential to verify that the broker is a member of a recognised broking body such as the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
Hatch Financial Services is accredited with the Mortgage and Finance Association Australia (MFAA).
This assures you that our team operates under a strict code of conduct and their services meet the highest industry standards. It means you can have complete confidence in the quality and reliability of their advice and assistance.
We are also a member of the Australian Financial Complaints Authority (AFCA) meaning that if you are unhappy with something we have done there is an independent body to which you can take your complaint.
Question 5: Are They Full-Time Brokers?
Knowing whether a mortgage broker operates full-time in the industry or not is pivotal.
A full-time broker is more likely to be up-to-date with the latest industry trends and regulations, and they’ll be more readily available to answer your queries and provide assistance when needed.
You want to ensure that the broker you choose is fully committed to their role and has the time and dedication to focus on your needs.
Hatch Financial Services prides itself on its team of full-time brokers. This is all we do – brokering is our business and focus.
We are not split between multiple roles or responsibilities; instead, we are 100% committed to helping you secure the best mortgage for your needs.
Question 6: Are They Exclusively Mortgage Brokers?
When seeking mortgage advice, working with a professional specialising in this field is critical.
If the person you’re dealing with is wearing multiple hats, such as being a financial planner and a broker, they will likely lack the depth of knowledge or the time to provide you with the best possible mortgage advice.
Mortgage broking is a complex area that requires a significant amount of expertise and experience.
By choosing a broker exclusively focused on this area, you can feel confident that they are thoroughly updated on the latest lending trends, policies, and products.
At Hatch Financial Services, their brokers are exclusively just brokers. We are specialists in their field, offering expert advice on mortgage lending and nothing else.
We are not juggling different roles or spreading across other areas; we are dedicated to getting you the best mortgage outcome.
Make Your Mortgage Journey Easier with Hatch Financial Services
Understanding what to ask a mortgage broker is a significant first step towards a successful home-buying journey.
It helps you pick the proper professional to guide you through the process and ensures you get the best possible mortgage terms that match your needs.
This guide offers insight into some of the most important questions to ask your mortgage broker.
Each question is designed to provide you with essential information about the broker’s experience, expertise, and dedication to their clients.
Hatch Financial Services is a stellar example of what to look for in a mortgage broker.
With a panel of over 30 lenders, active relationships with a diverse group of lenders, over 50 years of collective experience, MFAA accreditation, and a team of full-time, exclusive brokers, we are well-equipped to help you navigate the world of mortgage lending.
So, if you’re ready to take the plunge and start your home-buying journey, don’t hesitate to contact Hatch Financial Services.
Their dedicated team is prepared to answer all your questions and guide you towards securing a mortgage that fits your financial situation perfectly.
Let Hatch Financial Services make your dream home a reality!