Will a mortgage broker really make a difference?

When prospective homebuyers enter the property market for the first time, many wonder who they can trust.

While it is quite common to feel that an outside party may not have your best interests at heart, it is not always warranted.

In the case of whether or not to enlist the help of a mortgage adviser, it often comes down to choosing the right one.

A mortgage adviser can be immensely helpful when navigating the home loan market. At the very least, they can help you to discern between the different types of mortgages and lender agreements out there.

What mortgage brokers should offer
To know that you have found a good one, your mortgage adviser should have a few standard qualifications to show they are legitimate.

This includes having a membership to the Mortgage and Finance Association of Australia (MFAA), being part of a reputable company network with head office support and professional training and be covered by professional indemnity insurance.

They should also be willing to disclose fees and commissions and have access to a broad panel of financial institutions.

Your mortgage broker should also ideally have access to modern software to analyse various banking data.

Benefits mortgage brokers can provide
In many cases, a mortgage broker can help you to avoid all of the pitfalls that new homebuyers can fall into.

This includes seeing through lender deals that seem too good to be true, signing up for products that you don’t actually need and getting talked into a mortgage that does not suit your personal situation.

A mortgage adviser has knowledge of all of the lenders and products on the market and can therefore recommend the ones that align with your mortgage objectives.