How to Pick the Best Mortgage
Broker Out Of The Crowd!
As with any type of business category out there, you have to filter the good from the bad as a way of determining who you will want to trust to do business with.
That said, when it comes to finding the best mortgage broker in Sydney or anywhere in Australia, you’re not dealing with some kind of ‘lunch money’ here…
You’re undertaking what is probably one of the most significant investments you’ll ever make in your whole life!
That’s why we’ve decided to create this overview of what to look for when it comes to connecting with the best mortgage or finance brokers –
A brief that will take you through the basic steps you can check to swiftly remove any ‘bad apples’ from the barrel –
So you don’t have to waste a whole bunch of your time looking for the right mortgage advice and services!
Beware the 'Click Bait'!
It’s unfortunate, but most of the blog posts and articles that talk about home loan tips on how to pick the best mortgage broker give some pretty childish advice.
This isn’t even a joke, as we’ve researched a few blogs/websites and read quite a few posts to give us an idea of what we are dealing with out there.
Most of those blog posts talk on asking about your interest rate and trying to find out what kind of experience and training that the potential home loan broker has had.
Then, questioning on how long your loan application is going to take to process.
If we are being realistic, these questions are basic and anyone that wants the services of a finance broker is going to want to know the answers to those sorts of basic questions anyway.
Give me a break! Is this passing for quality advice these days? Is there any borrower alive who is going to sign up for a mortgage without querying what kind of interest rate they can get, or what their regular repayment is going to be?
Intelligent advice? Not a chance, this is just another example of ‘click-bait’! You don’t determine whether a mortgage broker is good or bad simply based on a couple of hit-or-miss questions that you cannot confirm.
You want to know if you’re going to get excellent service, fast communication and meaningful answers, as well as a seamless consultative approach that constantly keeps you up-to-date during the home loan application process!
The Real Questions That Should be Asked!
Those pedestrian questions above, about supposed home loan advice aren’t going to tell you any of that!
That’s why we’ve created this brief to give you an insight based on how we would assess finding the best independent mortgage broker prior to giving them our business.
Judging by the quality of these questions, many would agree with me that these people aren’t really advising you, they just want more traffic on their posts.
Most people don’t understand that people want top-notch service, someone they can trust and someone that they can talk to easily and without stress during the home loan process.
This is why we’re happy to provide these home loan tips so you can get proper mortgage financing advice and be adequately equipped before you pick out the best mortgage broker for your needs.
So, let’s get underway, right now:
How to Spot the Best Mortgage Broker
Whatever it is I’m shopping for, whenever I come across someone who starts to get pushy with me during the sales process – I check-out mentally. More often than not, I simply walk away from whatever I was considering buying, as I can’t stand someone trying to force my hand.
Most people from time to time have had similar experiences where sales people who otherwise would have had a sale from you, blew it the moment they started to get pushy and tried to pressure you with fast talking sales garbage?
Yup, every time that happens, it drives me up the wall, and I always give this as the first warning sign to look for in a finance broker.
Why do I say that? Because this is the first sign of what is often called “commission breath”. It means the primary thing on their mind is not how to help you, or get you the best loan that will fit your needs. But, rather how to get you to sign on the dotted line right here, right now.
Not a good combination when dealing with something so important! So, when you come across that high pressure, pushy approach, and slick sales techniques… Then, you can put a line through their name when it comes to your deliberations! (can be most satisfying!)
Tip No. 2:
Finding One Who Takes Your Needs Seriously
Tip No.1 above is a perfect lead-in for item No. 2 which is: Does the broker you are considering take the role of providing you with money saving, fast home loan processing education, seriously?
As mentioned earlier, this is a large investment for you – A good finance broker will take the time to make sure you are informed every step of the way.
Don’t Get Hustled
A self-centered broker however, could care less and just wants you to hurry up and make a decision so you can sign the paperwork! One way you can get an idea of how seriously a broker does/doesn’t take the education process is to look at his/her website.
Is the information specific to your area, and the type of loans you’re considering? Or, does the site just read like every other mortgage site out there, signalling that it was likely just a canned, template that was purchased and thrown on the web just so they could say: “Look! I have a site too”!
What the ‘….’?
I’m hoping that as you read this, you can tell that we take our job of helping home buyers and borrowers very seriously. It’s our responsibility to make sure you are well informed, and that pros and cons are pointed out every step of the way. This is what should shine through, even on the website, if the mortgage broker business cares enough to put forth the effort.
If you still can’t tell by looking at the site, why not a quick conversation with him/her and see what your gut tells you? Ask yourself after the conversation if you were left feeling well informed and comfortable?
Or, did you leave feeling a bit stressed out, or even frustrated? (In some cases you may feel like “what the ‘….’?” if this is the only way to describe how you feel – That’s not a good sign either!)
Tip No. 3:
How to Single Out The Best Independent Mortgage Broker
Now, you might think I’m being a little sneaky here… (As he rubs his hands together in glee) – Okay, so maybe it’s not altogether that sneaky, however it will necessitate you having to take a few express actions, and observing the results thoughtfully.
So, you can gauge whether or not the finance broker you’re considering interacting with is really putting the effort in to earn your patronage.
Have they really earned their ‘stripes’ through yards on the ground? Or, are they just another clone turned out by a franchised factory?
Possibly owned by a bank anyway?
Are they truly an entrepreneurial independent mortgage broker who wants to build a solid based business relationship by cultivating happy satisfied customers?
The No. 1 Complaint
I started making this prerequisite a number of years ago after I had noticed that the No. 1 complaint being made by many recent home buyers, or home loan borrowers was that their broker was slack with their communication skills.
Awfully slow with calling back, skimpy on feedback as to what was really happening.
Worse still, you could wait days to find out about any important changes to the loan status!
Not on, right? If you agree, then here’s what you can do about it:
- Visit their website and look for a live chat or a support button. Make use of it if you find one and leave a message if it’s offline.
Why do that?
It is important that you have multiple ways of reaching someone who is providing a service for you in today’s world.
If they have put in a lot of thought and consideration into communication, then the presence of a live chat/support button is guaranteed.
Should they do not have the button, you can dock off a couple of points. This isn’t necessarily a deal-breaker but it’s still something worth taking note of.
A truly Professional independent mortgage broker who really cares about their clients and knows the value of communication would ensure that their clients have multiple ways of reaching them.
Putting a live chat/support button on the website is one way to show that.
- Try sending the broker in question an email or try contacting them through their website ‘Contact Page’ and then take note of how much time passes before they respond to you.
- If it takes over a full business day, then what guarantee do you have that it’s going to be any better once you become a client. This should raise a red flag.
- Check their website for testimonials or Google for reviews from existing customers. How do they look, are people genuinely happy with the service they received?
You Don't Have To Feel Alone
Hold Your Own Counsel:
Before You Commit
We all know there really isn’t any hard and fast way for confirming upfront if a broker is absolutely going to be the right one or not.
We can be referred by friends who rave about a great restaurant and we can still end up with a bad meal after going there.
Nonetheless, hold your own counsel and by taking all of the above tips into consideration, you should be able to paint a clearer picture of who you may be dealing with and what to expect.
Action speaks louder than words so I would advise you to test their credibility and commitment first before committing to them.
“Yep, I Provide Lousy Support”
No one comes out openly to bad-mouth their business and say they provide ‘crappy’ home loans service.
All the more reason why you should pay close attention to those points discussed, so you will know what to expect.
See, there’s no one hard and fast rule on how to determine if a mortgage broker is good or bad.
However, if you take all of the above into consideration, you should begin to see a fairly clear picture of what to expect from the best mortgage brokers. Pay more attention to the actions, not the words.
No professional is going to come out and say “Yep! I give lousy support”!
Rather, they will all tell you what you want to hear, how experienced they are, how helpful they are, how great their communication and response times are.
This is why I’m recommending letting their actions speak louder than their words!
Put it to the test, and then you’ll know first-hand what to expect more often than not.
Oh, and by the way… Should you wish to check what my former clients say about us, you can read the original reviews on our Home Page Here:, just scroll down the page toward the bottom.