How To Select A Reliable Mortgage Lender

By Author: Belinda Darling
Total Articles: 152
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After you have established a solid, permanent job, and saved for several years for a down payment, you are ready to finally buy a house. You have crunched the numbers and know exactly how much you can afford on monthly payments. With the help of a real estate agent, you located a house that fits your needs and your budget. You are all set, and are now ready to start prospecting for mortgage lenders.

While most financial institutions will welcome you with open arms, not all of them are trustworthy. Be cautious, and do your homework before selecting the mortgage lenders in Melbourne you want to approach. Here are some things to consider:

1. Investigate Their Reputation

With a little bit of research, you will soon find out which mortgage lender is strong, secure and experienced. You can ask your friends, workmates, family and neighbours who they recommend and why. Mark their names down and check them online. Many homeowners will publish their experiences with mortgage lenders in Melbourne; they will list the good and the bad. Read as many posts as you can, because one single opinion is not enough ...
... to come to a well informed conclusion.

2. Check Their Services

Whenever you are going to work closely with a mortgage lender, know your options. A top mortgage lender will offer you quality loan products at competitive prices. Their programs should include services, such as:

Australia-wide purchases of residential properties, as well as investment or owner-occupied  properties
Refinance options
Debt consolidation programs
Equity release in case you need cash
Business  and investment possibilities
Personalized services

Ask yourself; which one of these mortgage lenders in Melbourne will be catering to my needs and work with me, and which ones will just treat me as “just another customer?”

3. Consider The Loan Process

You want to deal with a mortgage lender who treats you like a valued customer. Applications and procedures should be explained to you in simple language so you will understand everything first time around. While banking can be quite complex, it is not up to you to study the manual ahead of time so you will know what the clerk is talking about. During the application process, everything should be explained to you step by step, without leaving out any details. While some of these “fine print” notes may be unimportant at the time of the loan signing, they may become a big deal later on.

The staff should remain courteous throughout the entire negotiations, no matter how long it takes. You should never feel as if you are a burden, not even when you ask complicated questions about the loan. If the agent does not know the answers, he or she should not hesitate to request the assistance of a manager, or an associate who is specialized in that particular field.

While you are reviewing the mortgage details, your mortgage lender should also point out all the benefits they offer, aside from competitive prices. You may not need any of these additional services now, but who knows what the future may bring?!

The Victorian Mortgage Group are a Melbourne-based mortgage lender who can help you with your financial requirements through various home mortgage loan options. For specialist mortgage lenders Melbourne contact Vic Group today!