What To Look For When Using a Mortgage Broker for Investment Property

July 16, 2009 - PRLog -- While many people seek advice from accountants, real estate agents and financial planners, too often the value of guidance from a professional mortgage adviser is overlooked.

With the finance typically forming the single largest expense associated with a property investment, getting the decision right on the mortgage can be critical to your ultimate success.

However, not all mortgage advisers are created equal. As in most industries, the levels of professionalism can vary. Here are some key points to consider when looking for a professional mortgage adviser:

Look for an adviser with access to 20 or more lenders A quality mortgage adviser should have at least 20 lenders on their panel. Ask to see the full list of lenders that the adviser is accredited to represent.
Ask them to disclose how much commission is paid by each lender Professional advisers will provide this on request without hesitation. If your adviser is unwilling to do so, proceed with caution.
Request full documentation for the reasons why they are recommending a particular lender Credible mortgage advisers provide their services with full transparency and should be able to provide you with a plain English written explanation of how the recommended loan meets your unique circumstances.
Only deal with members of the Mortgage & Finance Association of Australia (MFAA) Membership of the MFAA confirms that the adviser has met minimum professional standards. Be cautious of advisers who don't have this membership.
Select a company with a proven track-record If in doubt, go with a company that has been around for the long haul, 10 years or more. This demonstrates a track record of providing service to clients.
Look for a "mortgage adviser" If researching options, search for a "mortgage adviser", rather than a "mortgage broker" - it is the advice and guidance that is of real value.
These tips provided by Jayson Billings, Smartline Operations Manager.

For more information or to talk to a Smartline Adviser, call 1800 020 066 .

http://www.smartline.com.au

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About Smartline: Established in 1999, Smartline is an Australian-owned finance broking company which operates through independent franchise owners throughout Australia.

Our vision is to set the benchmark in Australian mortgage broking for client care.

All Smartline Mortgage Advisers are fully qualified and trained mortgage broking professionals who “live and breathe” home loans. They’ve joined Smartline because they are people who are motivated by getting great outcomes for their clients, every time. Stringent standards ensure that the loan application is hassle free. It works.

Smartline is the proud winner of two of the industry’s most prestigious awards for best mortgage broking group, the Mortgage and Finance Industry Awards 2007 and the Australian Mortgage Awards 2006. They were finalist in 2008 and 2009.