What Should I Ask My Mortgage broker?

Start with ‘Are you a member of the Finance Brokers Association of Australia (FBAA)?’

A good accredited mortgage broker can help guide you through the mortgage market to find the home loan appropriate to your situation. But, before you start working with a residential mortgage broker, there are a few questions you should ask.

Are you a member of the FBAA?

The FBAA is the nation’s leading broker association for finance and mortgage professionals. We represent, educate and support more than 8500 brokers across the country. To be accredited by FBAA, mortgage brokers must satisfy rigorous criteria on education, experience and ethics. So, if you want to work with an accredited residential mortgage broker – someone you can trust – the first question you should ask is, “Are you a member of the FBAA?”.

Mortgage brokers: education & experience

To help you negotiate the complex mortgage market, you need someone with knowledge and experience. So, ask your mortgage broker about their credentials.

What fee is your mortgage broker charging?

Since most mortgage brokers receive a commission from the lender, they generally offer their service free of charge to the borrower. But don’t assume this. Ask your mortgage broker if they charge a fee, and how much.

What commission is your mortgage broker being paid?

Don’t be afraid to ask a mortgage broker what they are being paid for their home loan recommendations. The FBAA’s Code of Practice requires its mortgage brokers to reveal the commissions they are being paid by a lender on a particular home loan product. To borrow with confidence, only deal with an FBAA accredited mortgage broker.

Carolina Espinosa from FINZEN is an Approved Mortgage broker by Finance Brokers Association of Australia (FBAA), Certified Practising Accountant (CPA) and Certified Money Coach (CMC)®.

 

Chat with Carolina Espinosa today to help your dream come true. https://finzen.com.au/contact/