The lending industry is competitive, with every product tailored to you, the borrower. Lenders all want to get your business, which means you have a great deal of negotiation room! But before you even get to the point of negotiating or working out the finer details, it’s imperative that you are engaged with the right lender for you. After all, it’s all well and good to secure a great interest rate only to find that your lender’s fees for changes are exorbitant. Or you might lock in a great bank with a range of products and services at a higher rate, only to find that you don’t need any of these options.
At MediPro, we want to help you understand what to consider when choosing a mortgage lender, so that you can ensure you are signed up with the right kind of lending provider who will suit your circumstances. So, what should you consider when seeking a new home loan or mortgage?
MediPro is committed to ensuring that every one of our brokerage clients has the best possible opportunities ahead of them – which is why we partner with you to offer support and guidance both in securing finance and beyond to second or third purchases. Call us on 1300 375 626 to learn more about what to consider when choosing a lender and to get started today!
What to Consider When Choosing a Mortgage Lender? Our Top 3 Tips
What kind of customer service does your lender offer?
While you might not think that the customer services is important – at least not as important as an interest rate – it is certainly up there in terms of how vital it is for your peace of mind! Communication is vital, especially in the preliminary stages of getting your finance.
You are going to be going back and forth with your lender and providing documents and information as they work out your finance and your purchase. If you don’t have a single, reliable point of contact, it can make this process arduous, to say the least.
Key questions to ask include:
- Who is the main point of contact?
- Is that person available outside business hours?
- What is the primary means of contact – will it be via email or over the phone?
- Are there going to be multiple people that you will be speaking to?
When you have a clear idea of communication early on it can really save you time and prevent any frustration from emerging.
Does your lender offer industry-specific loans?
As a doctor or medical professional, you can access industry-specific loans with exceptional rates and favourable conditions such as no lender’s mortgage insurance and discounted interest rates. This is why it’s important that your lender offers industry-specific loans. Without an industry-specific loan, you could end up paying tens of thousands of dollars more than you need to.
Vital criteria:
- Your lender needs to understand the medical industry and has to have an understanding of what types of medical specific-loans are available to you
- A lender with medical-specific products will be able to offer niche expertise and can provide you with a better quality of service
- Lenders who specialise in medical lending will understand the challenge of being an independent contractor seeking to refinance and can help you get a great product regardless
At MediPro, we have access to a range of industry-specific loans and products which are tailored to suit doctors and medical professionals. We can help ensure that you get the products you need by working with only the best lenders in the business.
How much support can they give you?
We think that the kind of support you get from your bank or lender is vital. If you get stuck on something, they should step in and help you get unstuck. If you’re late getting a form in, they will bend over backwards to make sure your application gets fast-tracked so you don’t miss a key deadline in your property purchase.
You need to know:
- How your lender will support you if you get stuck with the application or approval?
- Who lodges your forms?
- Who will liaise with the banks or lending departments?
- What happens once your loan is approved?
Asking these questions gives you the power to choose a lending provider who can service all your lending needs and do it in the most valuable way possible.
Want to Learn More?
If you’re looking for more information about doctor home loans or want to learn more about what to consider when choosing a mortgage lender, we would love to provide you with some advice and assistance when buying a home or investment. Simply get in touch with the MediPro Capital team; We have worked with professionals just like you who are looking to make the switch to the best rates available. Call us now on 1300 DR LOAN or get in touch with us online to get started.
Updated 17 March 2021