Tips For Choosing An Independent Home Loan Information Provider

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Posted date: December 1, 2010 | Tags: , | 6 Comments

If you are ready to take the leap and purchase your first home, are in the market to upgrade to a new home or are thinking about refinancing your current home loan, you should consider working with an home loan information provider. A home loan information provider can be very beneficial during the process of obtaining your loan. With so many lenders and loan types to choose from, a home loan information provider can help you weed through home loan interest rates, so to speak, to find the perfect loan package for you.

Here are some benefits you will see when you choose to work with a home loan information provider.

  • Using a home loan information provider compared to doing it on your own can save you a bundle of time. It can be exhausting to do your own home loan comparison, with the huge number of lenders and different loan options.
  • There is no cost. Yes a home loan information provider is 100% free to you, making them a great bargain.
  • You will receive expertise from a professional that knows the Australian home loan industry. They can provide expert advice to you and find a loan that will fit all of your needs.
  • Using a home loan information provider might also help you secure your loan faster. Since they have relationships with lenders, they are often able to speed up the process.

While there are some great benefits that come along with using a home loan information provider, it is important to make sure you choose a good one. Not all home loan information providers have the same qualifications and you will want to make sure you find out the following before choosing a home loan information provider to work with.

  • Ask the home loan information provider how many lenders they work with? Some home loan information providers work with just a few lenders, which will greatly limit your options. The more lenders the home loan information provider has relationships with, the better.
  • Find out upfront if they plan to charge you any fees. Be aware that most home loan information providers do not charge fees as their payment is collected in the form of a commission from the lender. If you do decide to work with a home loan information provider that charges, make sure you have a contract in writing before you begin that outlines what the fee will be. Never accept a word of mouth agreement.
  • Find out how and what the home loan information provider will get paid. Some lenders do pay higher commission fees and you will want to determine whether or not this might cloud their judgment when it comes to finding the best lender and loan for you. A good home loan information provider will be able to look beyond what they are being paid and get you the best loan package available.
  • Ask the home loan information provider how and what criteria they will use to decide what lender and loan will be best for you. Beware wary of their answer. A good experienced home loan information provider will have a specific formula based on information that you provide them.
  • Use referrals when it comes to choosing your home loan information provider. Ask your family members, friends, coworkers, etc if they can recommend a home loan information provider that they have used. Reputation is important and if you know someone has been happy and successful with a particular home loan information provider chances are you will be too.

6 Comments

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Bill

I’m looking for a home loan should I use a broker or my bank? Just wondering which is the better service, im in my late 20’s and live in Melbourne.



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