5 questions your mortgage broker should ask you

As a seasoned mortgage broker, I understand that getting your finances in order is a crucial step in purchasing your first property. It's important to know what you can afford before diving into the home-buying process.

There are two main paths you can take when looking for a mortgage. You can either approach a lender directly, each offering its own set of products with specific terms and conditions, or you can opt for the second path of working with a mortgage broker to find the best deal tailored to your needs.

Mortgage brokers like myself have access to a variety of loans from different banks and lenders. It's important to note that we adhere to a strict code of conduct called the Best Interest duty (RG273) that ensures we do not favour one lender over another. Our role is to find the most suitable loan for your situation and liaise with the lender on your behalf. 

Here are some key questions your broker should ask you during your meeting:

1. Do you have a deposit? 
2. Do you have other savings? 
3. Are you a saver or a spender? 
4. How long do you plan to own the property? 
5. Will your family situation change? 

These questions help us understand your financial situation and goals to recommend the most suitable mortgage options for you. Reach out today so we can help you explore your financing options.