Questions To Ask Your Mortgage Broker
An inexperienced Bank Manager or Mortgage Broker could end up costing you thousands in the future and our 27 Questions To Ask Your Mortgage Broker will help ensure you choose wisely when taking out your new mortgage.
One of the best ways to locate a quality broker is to ask your friends or any of your current professional service providers for a recommendation. Remember to look for high performers that have achieved great results with their property transactions and ask them who they used to arrange their finance.
Any broker or bank manager worth half his (or her) salt, will be able to get you an excellent interest rate, however this is only a small part of what you want from your broker.
There are many pitfalls around loan structures and ownership structures that you will need to avoid and an experienced broker will be switched on in this area which will save you a lot of grief down the track.
One of the biggest dangers you face when choosing a broker is not knowing what you don't know and what questions you should be asking. I have listed a few questions from our free download of 27 Questions To Ask Your Mortgage Broker.
Free Download: 27 Questions to ask your Mortgage Broker
- How long have you been a Mortgage Broker? (make sure they have at least 5 years and preferably over 10 years experience)
- Do you charge me a fee as well and if so how much is it? (high quality brokers will often charge a nominal fee which is fine but you need to get this out in the open at the start)
- What legal fees am I likely to incur?
- How much Stamp Duty will I need to pay?
- Are there any other fees associated with my loan and/or property transaction?
- Will I need to provide proof of my savings and if so how long must I have held the savings?
- What is the true cost of my loan including any setup and ongoing fees
- What timeframe is recommended when arranging my loan, ie what are the stages of a loan application and how long do each take and therefore what is a realistic settlement timeframe (eg 30, 45, 60, 90 days or longer)
- If I take out a variable loan will I be able to change my mind later and change it to a Fixed Rate loan and if yes, what costs will be involved if any?
Download our Free 27 Questions To Ask Your Mortgage Broker
Any Questions? Ask Darryl Here
About Darryl Simms
Darryl Simms specialises in helping individuals invest in property for less than a latte a day, reduce their tax and create enjoyable lifestyles.
As the Founder of Latte Property, Darryl willingly shares his extensive knowledge built up over the last 25 years to help clients create wealth through property investment.
Latte Property has a large following of successful property investors who have enjoyed professional guidance in the purchase of quality new apartments, new townhouses and new homes.
Darryl is also the Author of “50 Must Know Property Investing Tips” and is currently busy writing his next Property Investment publication.
Darryl’s favourite quote is:
“Try not to become a man of success, but rather try to become a man of value” – Albert Einstein
Contact Darryl at www.latteproperty.com.au/ask-darryl
Written by Darryl Simms - First published on Linkedin Pulse