Myth #1: Mortgage brokers charge exorbitant fees
Fact: Mortgage brokers are generally paid by the lender, not the borrower. In some cases, brokers may charge a fee for their services, but this is typically disclosed upfront and is often offset by the savings they can help borrowers achieve.
Myth #2: Mortgage brokers only work with big banks
Fact: Mortgage brokers work with a wide range of lenders, including big banks, credit unions, and non-bank lenders. This gives borrowers access to a wider range of loan products and potentially better deals.
Myth #3: Mortgage brokers only work with people who have perfect credit
Fact: Mortgage brokers can help borrowers with a range of credit scores, from excellent to poor. They can also help borrowers with unique financial situations, such as self-employed individuals or those with non-traditional income sources.
Myth #4: Mortgage brokers are not regulated
Fact: Mortgage brokers are highly regulated in Australia and must meet strict ethical and professional standards set by the Australian Securities and Investments Commission (ASIC).
To know more details, check here now.