Heard about Mortgage Choice Brokers? It is listed as one of the 10 largest mortgage broker networkers in Australia, but the service quality and company ethics were questioned many times over the last few years. Mortgage Choice Brokers Review will explore the quality of services that Mortgage Choice Brokers provide to confirm if they are worth considering for property investors and developers.
Just to make sure that all are on board, let’s find out about services a mortgage broker would generally provide.
What Are Broker Services?
A broker is someone or an organization that acts as an intermediary between two parties. In terms of mortgage brokers, they stand between lenders and borrowers.
They do not use their funds to loan out to others but instead connect borrowers and lenders while keeping a commission for themselves in doing so.
Broker services are considered skilled experts in the field of getting loans. With their experience related to loan applications, they can anticipate any possible arising problems in the future and so they can recommend actions for you regarding those beforehand.
In doing so, in return, they make sure that they get their customers the best possible loan deal as a borrower. In return for their service in sourcing borrowers, the lenders compensate them with commissions and other benefits, such as bonuses.
With that knowledge about the key role of a mortgage broker, now let’s turn on to Mortgage Choice, which is one of Australia’s leading mortgage brokers.
The Mortgage Choice Brokers – What Is It?
Mortgage Choice Brokers is a verified platform that helps you in finding your local home loan broker. It provides a service of connecting you to an expert intermediary who will enable transactions between borrowers and lenders.
With over 500 brokers from all across Australia on board, Mortgage Choice Brokers provide the top advice free of cost for all those who are looking for dependable broker services in terms of getting loans.
This year, Mortgage Choice ranked 2nd
leading brokerage, second to Aussie Home Loans. In a year, they settle over 30,000 loans worth above 50 billion dollars.
Things To Consider Before Hiring Any Broker Service
There are various different things about mortgage brokers that should be taken into consideration before you hire any broker service whatsoever.
- Costs to you, including any indirect or hidden charges
The first and foremost point to take into notice is the commission that the broker service charges, if they are going to. This could help you decipher whether they are the suitable broker service for you to hire in terms of the cost.
A broker service with any commission charged from you may be out of your budget and cause hindrances on the amount you require. Whereas, on the other hand, if there is no commission for year, or if the commission is just a couple of hundreds, the broker can find other ways to rip you off. So keep this in mind before hiring any broker service.
Another key point to consider is the pricing and execution prints that these broker services provide you with, such as Mortgage Choice Brokers. It would be best if you made sure that the pricing you have gotten consists of all the necessary costs, and there are no future hidden costs that you may have to pay for eventually.
- Broker reputation
Another one of the main factors to consider is the broker services’ internet presence. Social media is a great tool
of marketing and establishment in today’s modern times. Considering this, you should check out the broker service’s social presence and see customer feedback and reviews to ensure you are hiring the right broker service.
- Broker’s company reputation
Similarly, a company’s reputation off the internet is also essential in considering whether you would want to hire them or not since virtual presence can tamper.
Before you hire any broker service, make sure that they have a customer base that has reviewed them positively. Ask around from your property investor contacts, relatives and friends to understand and know which broker service they would recommend.
Let’s turn back to Mortgage Choice – What’s special about them?
Features of Mortgage Choice Brokers
Here is the list.
- No charge to the client
One of the essential features to keep in the notice is that Mortgage Choice Brokers do not charge any commission from their clients. This is highly beneficial for you as a real estate investor. You get the premium services without paying any extra fees to the broker.
- A good range of lender connections
Not only free of charge service, but you also get access to over 25 lenders thanks to the company’s connections.
- Robust pre-approval process
Adding on, another important feature provided by Mortgage Choice Brokers is the concept of getting a pre-approval. This enables you to strike a deal with a lender and get the money in due time. It also ensures that whatever property you want to set up a deal with, you know your budget and thus can confidently bid on the property without worrying about refusal for the loan.
- The clarity in borrowing capacity
Another element that Mortgage Choice Broker service brings forth is that they can easily calculate your borrowing power. After understanding and evaluating your needs, the brokers are experienced enough to calculate your borrowing power based on your financial situation and stability.
- Handle your loan application
Furthering these features, Mortgage Choice Brokers also does all the necessary leg work that needs to be completed by the borrower. They also handle all the essential paperwork, including the contract signing and the settlement of the loan that follows.
Why Are Mortgage Choice Brokers The Best For Some?
Being established for the last thirty years has brought upon enough experience for Mortgage Choice Brokers to be considered one of the top broker services in the entirety of Australia.
Several prominent individuals and real estate investors trust them to enable getting loans and hence, conduct transactions in terms of property purchasing.
With a range of options in terms of providing the best brokers, Mortgage Choice Brokers is a service that aims towards customer satisfaction and thus has the answers to all your mortgage-related questions.
They do car finance brokering too, unlike Aussie Home Loans.
Mortgage Choice Brokers – Incredible Customer Service?
Mortgage Choice Brokers are known for their top-of-the-line customer service. Their customers are the first priority amongst anything and everything. Fulfilling the needs of their customers is what is always considered above everything at this broker service.
The brokers that they have on board will work tirelessly throughout the day until weeks to ensure that you are getting what you need and require. They do not wish to disappoint you as they largely depend on you as a ‘word of mouth’, so they put in their maximum effort to provide you with the loan you are looking for by connecting you to the lender you desire.
In addition to working for you round the clock, the brokers at Mortgage Choice Brokers are always looking for the benefit of their customers. Unlike several other brokers, they guarantee not to rip you off and ensure that you will not have to pay any excess cost, as mentioned. This also adds to the level of customer support they aim to provide.
Advantages of Hiring Mortgage Choice Brokers
When you’re hiring a mortgage broker service, there are key factors that you need to consider in terms of the benefits and advantages they bring forth for you. In this regard, Mortgage Brokers Choice is one of the best mortgage broker services in all of Australia, considering how they have the top brokers on board.
Not only are these brokers knowledgeable, but they are also efficient in whatever they do. This enables them to productively work towards getting in touch with lenders immediately as per their connections and hence provide you with the best lending opportunity in terms of the loan you need.
Their expanded knowledge provides them with the necessities through which they know who the best lender in the market would be to fulfill your requirements promptly.
In addition to this, the Mortgage Brokers Choice service has professional brokers alongside being quick in whatever they do. They will convey the ongoing circumstances and professionally talk to you while guiding you as to what needs to be done in each situation that has to come. This guarantees that you are prepared for the worst and the best at the same time.
While staying professional and true to their services, Mortgage Brokers Choice has brokers who are adaptable to any situation. This includes last-minute cancellations in terms of the lender giving out the loan or even outright loan refusals. In such situations, the Mortgage Choice Brokers will adapt and find suitable alternatives under the time limit decided upon.
Last but not least, one of the greatest advantages of hiring a Mortgage Choice Broker is that there is no commission fee charged from you, the borrower. Your loan process is simplified, and you are saved from the trouble of having to do the paperwork and the legwork while getting the maximum benefits without paying any additional money in terms of a commission or a fee.
Drawbacks of Mortgage Choice Brokers
Like all good things, hiring Mortgage Choice Brokers also comes with its set of negatives.
- Too many formalities
One of the main disadvantages of hiring Mortgage Choice Brokers is that there is excessive paperwork required to process the loan. Not only is this an extra hassle, but getting excessive paperwork takes much more time and thus slows down the processing of getting the loan.
This may even lead to a delay in deadlines for the actual payment for the property the borrower is trying to get the loan for and thus can lead to a loss of a great deal.
- Communication gaps
Another disadvantage of getting Mortgage Choice Brokers to handle your mortgage loan process is that it will not always result in an approval of the loan. Often, lenders may back out at the last minute, so although the brokers will try to get another deal secured immediately, they will not be successful all of the time.
Hence, this has lead to creating a lower reputation for Mortgage Choice Brokers since the borrower will not be able to fund the property they needed the loan for. They should thus look for a much more trustworthy lender communication system and transparency with the borrower.
- Possible delays and lack of professionalism
Lastly, another negative aspect of working with Mortgage Choice Brokers is the fact that they will not always outright answer your questions. Knowing information about a broker service is the right of the customer.
However, at Mortgage Choice Brokers, some of the brokers take this personally and consider it as the customer doubting their capabilities. Thus, this defensiveness makes them seem much more doubtful and lowers the quality of Mortgage Choice Brokers’ customer service.
How Can Mortgage Choice Brokers Get Better?
Mortgage Choice Brokers have several positive things to look towards when hiring them. Still, for them to become the best, they need to improve certain aspects. This includes;
- Increasing their focus on responsiveness towards the clientele
Once they resort to prompt replies, they will have a much more satisfied client base, thus recommending them further in their social circle. Hence, increasing brand recognition.
- Transparency and good communication
Moreover, Mortgage Choice Brokers should also work on not giving their customers false hope. Instead, they should outright give answers of whether getting a loan would be possible for the borrower considering their financial situation to save themselves and the borrowers the hassle and time.
Recommended Alternatives?
- Stick with an another brokerage company
Having known all these benefits and disadvantages of Mortgage Choice, people may still opt towards finding alternatives to hiring a broker service such as Aussie Brokers because they may not be willing to take the risk of any sort.
- Approach lenders directly
Keeping this in mind, some think, the best way to go forward is by finding methods to finance yourself by your own research. This includes contacting lenders directly or approaching banks. You can avoid any broker fee or commission payment through self-research and finding a lender on your own. However, the effort put in would be far greater. You risk your credit score due to frequent inquiries through different loan applications. You may not find the cheapest deal in the market at the end either.
- Use technology
On the other hand, due to the technological advances in modern times, several newly launched apps directly connect a range of lenders to borrowers who are looking for a loan in terms of purchasing a property.
Using such apps will increase your awareness and increase efficiency and save time because everything can be done through a simple swipe. However, due to switching virtual, you may not be able to judge as critically regarding whether someone is a fraud and planning to rip you off instead.
Final Verdict
To conclude what has been aforementioned, despite the fact that Mortgage Brokers Choice is not as responsive as they should be considering they promise to be available at all times, they do have good reviews from customers who have had an actual loaning experience with their brokers.
Keeping this in mind, we would give a rating of a 3 out of 5 for Mortgage Choice.
In addition, they have successfully gotten mortgage loans for their clients and do ensure they always have their brokers available for their customers. So in terms of looking for a reliable and good mortgage broker service, Mortgage Brokers Choice fits the criteria to a great extent in terms of bringing far greater benefits than losses.
