When we are talking about buying a new home, it means it is a large investment that, when done right, will be worth all the money and effort. Selecting the most suitable mortgage carefully from the right mortgage broker is excellent advice for starters. There are different ways to find a Gold Coast mortgage broker; whether through online or recommendations, it is finding the right one who will provide the service you need and deserve.
There are two main types of mortgage brokers:
- Tied or multi-tied mortgage brokers – this type of lender is fixed to one specific lender or a group of lenders. It means that they have mortgage limitations that they can only recommend, but their link with banks could mean that you can fix a special deal.
- Independent mortgage brokers – since they work independently, they are not influenced by external parties in which they can make decisions and give unbiased advice to their clients.
Here are some helpful tips to help you with your decision in choosing the right mortgage broker:
Mortgage Broker Fees
Do not let yourself be deceived when mortgage brokers offer you a minimal monthly mortgage payment plan. It is a desirable offer that it is too good to be true. When figures are below the average, that only means that you will end up paying additional fees. In some cases, there are mortgage brokers who will ask you to pay for their commission for advice and an arrangement fee.
Before contacting your chosen Gold Coast mortgage broker, be sure to do all your equations beforehand to be sure that the initial low price and all of the extra fees have been added, and check your mortgage broker’s rules and regulations; this is to ensure that you are choosing the right mortgage broker to suit your financial situation.
Calculate Your Budget Beforehand
In the year 2014, new rules were set in place under the Mortgage Market Review (MMR) where brokers now go through their client’s budget, by carefully working out how much cash they have to spend on a mortgage and check if their clients have enough to pay.
Start calculating how much you would be comfortable paying per month to get a guesstimate because every mortgage broker will have a different maximum limit of how much you will be able to borrow.
Schedule an appointment now at New Wave Finance via their contact form or call through phone (0449 247 374).