A loan or a mortgage deals with a heavy amount of money,
which of course, any buyer would want to be safe. One of the most undecided
questions of any buyer is whether or not taking the help of a mortgage broker.
Whether how much will it cost? Will the broker con them for extra money? The
doubts regarding the financial loss that a broker may arise pop up endlessly in
the mind of the mortgage buyer.
However, is hiring a broker really that bad for your
finances? The answer is no. There are rotten apples in every industry and no
industry entirely can be eliminated or avoided because of numbered bad
influences. The same goes with the mortgage industry as well. There are several
concrete reasons why any independent dealer group sydney with old and new mortgage
brokers can be looked up for assistance and guidance through the loan.
Word of mouth –
we are already well aware how brokers earn, mainly through commissions by
mortgagees. These commissions can be earned if more and more clients followed
up to purchase their services. Therefore, they require word of mouth
advertising and it has to better be positive. Most of their business (about
50%), lay in repeated customers. The better their services will be, the better
incentives will be provided. Thus, it is likely that a broker will not try to
deceit you unless he wants his business fallen and lost.
Competition –
Competition is high in all industries and mortgage industry is no different. With
the expanding, reach and power of internet, thousands of brokerages and
independent brokers are giving each other competition. In such competitive
scenario, no broker will want either negative promotions or losing clienteles
for any other reason. Several small brokerages would love to compete for a
small base of customers. The brokers are not paid until the loan is funded,
thus a buyer can always take advantage of this competition by comparing several
services of different brokers. As long as the broker fears losing money, he
will deliver his best services.
Law – Australian
law is strict and all brokers are supposed to abide by. There are consumer
guarantees under ACL that requires real estate agents and their employees to
take all necessary care to avoid loss or damage when they are providing their
services. This is also a reminder to be diligent in order to avoid fraudulent
property frauds. The code of conduct is
thus, kept in check. If anything goes wrong, you can always lodge a complaint
against your broker. Make sure you have everything in writing.
As of the bad brokers, you can avoid assistance from them by
taking good care of whom you are hiring.
1.
Take time and do a background check
2.
If you met your broker online, meet him in
person for further discussions
3.
Read the term and conditions.
4.
Read privacy policy
5.
Apply for more than one quote. Apply for at
least 6-7 quotes from different brokers.
6.
Compare all of them.
7.
Try to check on their clienteles and reach at
least one of them
8.
Hire a local mortgage broker for better reach
(to the broker and its clients)
For More Click @ http://www.lavernecapital.com.au/
No comments:
Post a Comment