You must not hesitate to ask your broker about the various pros and cons of the different loans.

1. Ask Your Mortgage Broker
These Questions before
Committing to a Lender

2. A large number of the mortgage borrowers hire the services
of a broker to get their loans, and there is a good reason to
do this. One of the main advantages of using a broker to get
the best deal is the that instead of going through the first
bank that you come across, a broker will shop around and
consider various lenders before settling on the best option.

3. There are various mortgage brokers in the field but most
people feel that they can only trust the big names. If this
applies to you remember that the best way to ensure that
you get the maximum benefits of hiring a broker,
regardless of whether it is an established firm or a private
practice, is to ask some important questions before
committing.

4. Most people hire mortgage broker Brisbane CBD
through references form relatives or friends. In this case,
you are already acquainted with a person who has
experienced the quality of the broker’s service. However, if
you select a broker in any other way, for e.g. if you
responded to an advertisement, or there might be a broker’s
office in your local area, be sure to ask for references.
Ask For References

5. Ask for the name and the contact information of recent
customers. You must call up a couple of them and ask
about their experience with the broker’s firm. You may ask
questions pertaining to how they were treated and if the
costs were reasonable.

6. There are two ways in which most mortgage brokers are
paid: direct fees or yield spread premiums. The fee of the
broker is often presented in the form of points, in which
every percent of the loan equals 1 percent. You might find
this listed on the loan documents as origination fee of the
lender or the broker’s commission.
How are they compensated?

7. Be sure to enquire about other costs such as the funding,
application, processing, or document preparation fee. The
yield spread premium is a controversial method of payment
as it might cause the borrower to end up with a higher
interest percentage.

8. There are daily changes and fluctuations in the interest
rates and this might come as a bad news to some. If you
believe that the interest rates are moving up, you have the
option of locking the loan. Ask your mortgage broker
Brisbane CBD if they offer this service and the charges for
the same.
What is their policy on rate locks?

9. There are various types of loan and in order to determine
the best one for you, the broker will have to closely inspect
your financial situation and a variety of other factors. Just
like a doctor only recommends surgery after assessing your
medical situation in depth, a broker too will gather all the
necessary information about your situation before making
any recommendations.
Which loan is the best?

10. The different types of loans for you to consider are fixed
rate loans, adjustable rate loans, negative amortization
loans, and adjustable rate loans. You must not hesitate to ask
your broker about the various pros and cons of the different
loans.

11. Contact Us
433 Logan Road
Stone’s Corner QLD 4120
—
Suite 3, Level 8, 179 Queen St,
Melbourne, Victoria, Australia 3000
Let us help you find the best mortgage!
http://www.oysterfinancial.com.au