Home » Posts tagged mortgage brokers melbourne

Fixed Rate Mortgage Pros and Cons

Many people are getting confused when they are going to a mortgage broker and they need to choose if they want a fixed rate mortgage or not. But, before you can make that decision, you need to make sure that you know all the pros and cons of this type of mortgage. Many people are making the wrong decision because they don’t know everything there is to know about fixed-rate mortgages.

Pros: Interest rate can’t increase

The great thing when you are making use of a fixed rate from your mortgage broker Melbourne is that your interest rate isn’t going to increase. It doesn’t matter if the interest rates are increased during the year. Your interest rate is staying the same.

This is because you have signed for a fixed rate mortgage. You have one interest rate that you are going to pay for the whole period. Even, if you are repaying your mortgage for 20 years.

Cons: paying higher interest rate than other mortgages

One of the cons of having a fixed rate mortgage is the fact that you are going to have higher interest rates than other mortgage premiums. This means that the total amount that you are going to repay is going to be much higher than those people that didn’t choose the fixed rate mortgage from mortgage brokers.

This is why you should make sure that this is exactly what you want. Many people aren’t satisfied with the fact that they are paying more at the end of the day.

Pros:  Monthly premiums are staying the same

We don’t want to have monthly premiums that are going up and down every month. You don’t know what your premiums are going to be and it is making it hard to budget.

When you are choosing the fixed rate mortgage from mortgage brokers Melbourne, you will have the same premium for the whole period of the mortgage loan. You will never have to worry about what your premium is going to be the next month.

Cons: the monthly

Continue reading

How to Compare Mortgage Offers From Lenders

Mortgage brokers Melbourne is going to be some of the best people to talk to when it comes to getting a great mortgage. However, if you aren’t too sure a broker will provide the best mortgage it’s time to think about how you can ensure you’re getting the right one for you. Not sure how you can get the best mortgage? You are not the only one so it might be time to look into comparing mortgage offers so that the right mortgage is found. Read on and find a few simple steps to help you compare mortgages today.

Talk To Different Types of Lenders

You don’t just have to choose a mortgage lender in order to obtain a mortgage; you can choose commercial banks, a mortgage company, credit unions and many other types of lenders. You absolutely should talk to several of them in order to find out what type of mortgage loans you would be eligible for with them. That is going to be so important and certainly something that will help also. Gathering information from these lenders will help to ensure you understand what they have to offer and whether they might be a potential lender for you too. A mortgage broker can help discuss the potential lenders options which are always a good thing to do.

Talk To Mortgage Brokers Melbourne

One of the simplest ways to compare mortgages would be to use the services of a mortgage broker. Now, mortgage brokers are useful simply because they can go and find the mortgage for you and they can usually find the mortgage which is most suited to you and your financial needs also. They can also help negotiate for a better rate too which can really help. It wouldn’t hurt to talk to a broker and get some advice over what you are looking for. This will help in a big way especially when it comes to getting the best mortgage today.

Understand What the Loan Really Costs You

It isn’t just important to understand the …

Continue reading

Don’t make these rookie mortgage mistakes

First time homebuyer? Not sure what you’re doing? It’s important to not make rookie mortgage mistakes, especially your first time out of the gate. After speaking with some qualified mortgage brokers melbourne, we’ve compiled a list of the top rookie mortgage mistakes people make and how to avoid them when purchasing your first home.

Common rookie mortgage mistake #1 : Finding your home first!

We all know finding your home is the most excited part of the process! However, the most important piece of the puzzle, as any qualified mortgage broker will tell you, is the financial (and far less fun) aspect. Without a pre-approval or approval, many lenders won’t even consider your bid. It can be incredibly stressful to fall in love with a home and have it slip through your fingers when you’re not approved for a loan or for as much of a loan as you’d need. Save yourself the heartbreak and speak with your mortgage broker first to gain pre-approval, then start looking for homes.

Common rookie mortgage mistake #2 : Not factoring in other potential costs!

There are a lot of mortgage calculators out there that allow you to plug in your income and calculate an estimate mortgage payment. Don’t be fooled! There is a lot more to a mortgage than just the simple payment. Discuss all potential costs with your mortgage broker and they will tell you there are many other, sometimes hidden, fees. Homeowner’s insurance, property taxes, utility payments… all of these things factor into your monthly expense and may significantly increase your cost. Before decided on a price range, talk to a mortgage broker and figure out what you can afford.

Common rookie mortgage mistake #3 – Missing documentation!

When applying for a mortgage, make sure to have all documentation ready to go! Start gathering all documentation between 3 and 6 months before applying to make sure you have time to get all necessary information. Good documents to have on hand are recent tax returns and W-2s (past few years), pay …

Continue reading

Why mortgages and property purchases don’t have to be stressful

Many people don’t make use of mortgage brokers in Melbourne, and the result is that they are stressed and struggling to buy the home that they dream about. There is actually no reason why you should struggle and stress when you are buying a new home. Here are how you can buy property and getting an approved mortgage without any stress and troubles.

Know what you want

The first and most, important thing that you need to do when you are thinking about buying a home and getting a mortgage, is by knowing what you want even if you are making use of a mortgage broker.

Make sure that you have a list of things that you need to have in the new property and that you know what you are really looking for. This is the only way to make sure that you are finding what you want, easily and without any stress. This is also the best way to get the property in no time. More details here.

Know your budget

You should also make sure that you are aware of what you can afford when you are going to the mortgage broker in Melbourne and the real estate agent. It doesn’t help when you are just knowing what you need, and what you want in the new property but you can’t afford the property.

There need to be a balance in the wants and needs of your property and the budget that you have. Making sure that you can afford the property that you want, is going to ensure that you don’t stress about the place that you saw, but that you actually couldn’t buy because of budget.

Hiring the best possible mortgage broker

Not many people believes in making use of a mortgage broker, but there are so many reasons why you should really consider making use of a mortgage broker. And, the most important and most common reason, for making use if these brokers, is because it takes a lot of stress out of …

Continue reading