Before getting into the details, you should know who a mortgage lender is? The answer is very simple. A mortgage lender is an entity that lends you money to buy property. It can be a bank or a building society.
Now are you looking for the best mortgage lenders because you want to buy a new house but this is your first time and you don’t know where to look and what to do. Do not worry. I have a few tips on how to help you. Firstly, keep in mind that you have no experience and you’re a first-time buyer. You need someone who’s experienced enough to find you the best mortgage lender and to guide you throughout the whole process. For this purpose, I’d suggest you hire a mortgage broker.
Mortgage brokers are middlemen between mortgage lenders or banks and the borrowers. So now you know why you’d need a mortgage broker. Following are a few tips on how to choose the best of all the mortgage brokers,
● When looking for a mortgage broker, ask around about the best and the most experienced person in town. You’d get many suggestions from your friends and family to help you out. You could also check, http://www.mortgagebrokerco.com.au/ for the best brokers in Melbourne.
● If you ask me, you should find and shortlist a few mortgage brokers and try them out to finally choose the best of them all.
● Do not forget to check the license of the broker that you’ve chosen. You can check MFAA’s website to look for a licensed broker for you. It is very, very important that you do that before hiring him. You can also contact Australian securities and Investments Commission to confirm that the mortgage broker Melbourne that you’ve chosen is licensed.
● You’re a first-time buyer, yes but your broker doesn’t have to feel that you’re stupid and you don’t know a thing about the business. Do some research yourself too. Check for different property rates in the market. Make sure you know about the latest interest rates because they change quickly.
● Find a comparison website and check for different offers and compare them. When you’ve acquainted yourself a little with the business, take advice from your mortgage broker Melbourne.
Mortgage Broker Co is a team of highly professional and experienced brokers. No lending company or bank owns them. They’re an independent company that will help you select the best mortgage products. Visit their website for more details, www.mortgagebrokerco.com.au/
List of Best Some Mortgage Lenders for First-Time Buyers:
I have a list of some good mortgage lenders that I’d like to share with you, you can check them out yourself too and discuss them with your mortgage broker.
1. Beyond Bank
4. ING DIRECT
6. State Custodians
8. Tomorrow Finance
I hope you find my article helpful. Good luck!