Five questions you should ask your broker
Whether you’ve used a mortgage broker before or not make sure you ask these five questions
10 August 2018
There are many reasons to use a mortgage broker. In essence, a broker provides convenience, expert product knowledge and a more personalised service to customers seeking a loan. Whether you’ve used a broker or are considering using one for the first time, here are some questions to consider.
What are your qualifications?
You will want to establish your broker is registered and accredited. Mortgage brokers must gain the National Certificate in Financial Services – Financial
Advice (Level 5), be authorised by the Financial Markets Authority, and be on the Financial Service Providers Register.
Do you charge a fee?
It is important to understand any fees and charges before you make a commitment. Transparency from all parties helps form a trusting relationship.
Mortgage brokers may not charge a fee for their services but they will receive commission from lenders.
What about insurance?
Some brokers just focus on the loan and do not provide assistance with other related services such as insurance. A broker, who can also assist you with related insurance solutions provides you with a more personalised service.
How many lenders do you work with?
One major benefit of a broker is choice, which is why Mike Pero Advisers have access to a wide panel of lenders.
Your needs will also vary through time and could span from interest-only products, accessing equity in your current property, and consolidating debts to even refixing your current loan. Make sure your broker can offer a variety of solutions.
How do I find a great mortgage broker?
This part is easy! As one of the most trusted brands in New Zealand, Mike Pero Mortgages has been in business for over 25 years. Reach out to your closest Mike Pero Adviser now!