Rookie mortgage mistakes to avoid 

Everyday there are people just like you that have their mortgage loan turned down because of any one of these mistakes. At mortgage brokers Melbourne we are here to help.  By acquainting yourself with Deadly Mortgage Mistakes you can save thousands on your mortgage. Using an Interest Only or Payment Option Adjustable Rate Loan: If you are using these types of loans to qualify for a more expensive home. A home that you could not normally afford, you may be going down the wrong path. There are some circumstances where these loans are useful, but care should be taken in this housing market with slower appreciation and falling prices in some markets. You could end up with a mortgage value higher than the value of the home. Co-signing On Someone Else’s Loan: You could become a great friend or even a hero to someone by doing this. Before you do, ask yourself. Are you willing to assume that liability? Are you willing to forego getting your own home to co-sign? Those could be the ramifications. Making Late Payments: Late payments (especially within the last year) make if very difficult to qualify you for the best terms and rates. It may even keep you from qualifying at all. It might seem unnecessary to say, but always pay on time. Hiding Things from Your Mortgage Broker: Even though it could be embarrassing to discuss previous financial difficulties. Remember that your mortgage broker is there to help. Your mortgage broker can only help you with those things of which he is aware. Over Using Credit Cards: Yes they are convenient, but if the balances are not kept low or paid off it may make getting the best rates and terms on your loan more difficult. Do not take on new debt without first … Continue Reading →

Mortgage Broker vs. Direct Lenders: Which Is Best?

Yоu hаvе dесіdеd tо buy уоur first home аnd nоw you аrе lооkіng fоr affordable fіnаnсіng. Thеrе аrе twо main wауѕ in which you саn оbtаіn a lоаn – vіа a mоrtgаgе brоkеr оr dіrесtlу frоm a lender. Fіnd оut еvеrуthіng which you nееd tо knоw аbоut the twо орtіоnѕ and соmраrе thеіr good аnd nоt so gооd sides tо mаkе a decision.  Wоrkіng wіth a Mortgage Brоkеr The brоkеr іѕ a financial ѕресіаlіѕt who wоrkѕ with different lеndеrѕ offering hоmе loans. Whеn уоu аррrоасh the specialist, thеу wіll ѕеаrсh thrоugh thе products оf thеѕе lenders tо fіnd the mоѕt ѕuіtаblе one fоr уоu based on your nееdѕ, rеԛuіrеmеntѕ, budgеt аnd сrеdіt history. The рrоfеѕѕіоnаl will help уоu prepare thе аррlісаtіоn. They wіll nеgоtіаtе bеttеr tеrmѕ аnd соndіtіоnѕ on уоur bеhаlf as wеll. You do not have tо pay anything tо thе broker. Basically, thеrе аrе no аddіtіоnаl costs for uѕіng thіѕ service. At thе ѕаmе time, уоu can ѕеlесt frоm a wіdеr rаngе of loan орtіоnѕ. Thіѕ increases уоur сhаnсеѕ fоr fіndіng thе most аffоrdаblе аnd bеnеfісіаl dеаl for уоu. Anоthеr mаjоr advantage of working wіth a brоkеr іѕ thаt thе professional wіll dо thеіr bеѕt to hеlр уоu ѕесurе thе deal. Thіѕ іѕ bесаuѕе іf уоu get rеjесtеd, thе ѕресіаlіѕt wіll nоt get соmmіѕѕіоn. Bаѕісаllу, you wіll have an еxреrt, whо is rеаdу to dо virtually аnуthіng fоr уоu, on уоur ѕіdе.  Wоrkіng wіth a Lеndеr Whеn уоu wоrk with a mortgage lender, a lоаn оffісеr is арроіntеd tо you. The оffісеr has a ѕіmіlаr funсtіоn tо thе broker. The рrоfеѕѕіоnаl wоrkѕ tо analyse уоur needs аnd уоur сurrеnt financial роѕіtіоn so аѕ tо dеtеrmіnе whісh one оf the bаnk’ѕ mоrtgаgе products іѕ the mоѕt suitable fоr уоu. Thе officer will рrоvіdе full ѕuрроrt with fіllіng оut уоur … Continue Reading →

Should I Consider A Mortgage Broker Or Go Solo?

Thousands think a mortgage broker is a waste of time and money and opt to try and find a mortgage by themselves. Now this can be both a good and bad idea because sometimes you can get extremely lucky but not always. Most are debating whether or not they should use a broker or go solo in their efforts to find a mortgage. So what should you consider? How Much Experience Do You Have In The Mortgage Industry? The first thing you need to think about when searching for a mortgage is what you know. So, what do you know about mortgages and the industry? If you have very little experience dealing with mortgages then the whole process can be confusing. You not only need to search for lenders who offer mortgages for your personal circumstances but who also are trusted and accredited. This is a lot harder than it looks but with a mortgage broker Melbourne you don’t need any personal experience. Do You Feel Comfortable Searching For A Mortgage And Approaching Lenders? Where are you going to search for a mortgage? Will you go online and check out the various market rates or will you go directly to a lender? It certainly will not be a quick or easy process because you have to go from lender to lender looking at what mortgages they have and what rates and terms they’re going to offer. This is not only time consuming but extremely frustrating and it can become a little overwhelming. Are you really comfortable approaching a lender yourself? No, then maybe a mortgage broker is the one for you. They do all the hard work so you don’t have to. More explained here. Brokers Can Make the Decision Simpler A mortgage broker Melbourne absolutely knows what they are … Continue Reading →

The Things Your Specialized Mortgage Agent Can Do For You

You might consider using the first and best mortgage broker in Melbourne, so that you can just get everything going, and get your home loan approved as soon as possible. But, the one thing that we tend to forget is that there are some brokers that are really assisting you in the steps to get the home loan approved;while othersdon’t really care about their clients and that they don’t really offer great services. If you are going to apply for a home loan for the first time, you might want to make sure about the things that your specialized mortgage agent really can do for you to make the process easier. The broker will get all the necessary information Getting a home loan for the first time, is hard and you might not know which documents you really need to have. If you are using a mortgage broker in Melbourne that isn’t really a great broker, they will not assist you in getting the documents that you might need. However, if you are at a broker that is really wanting to make things easier for their clients, they will give them a list and assist them in finding all the documents that they need to get the application approved. There are normally lots of documents that needed to go with the application, and if you don’t have the correct documents, it is going to make the process longer. Find out more informations in our post here. Gives advice You will know that you are at a great mortgage broker, if the agent is giving you the advice that you need to make the right choice about the package or deal that you want to get. Getting a home loan can be complicated, especially if you are doing it for the first … Continue Reading →

Important pointers to Choose Mortgage Company for Home Loan

When you are thinking about getting a home loan from a mortgage broker, you should make sure that you are only using the best possible broker and not just the first and best one that you can find. Here are some important pointers that you should look at, before you choose a company for giving you a home loan. Then, you will know that the company that you are going to use, is the best possible company for you. The amount of officers that you are going to work with It can be really frustrating if you want to call the mortgage broker for getting some information about your application or your home loan, and you should explain everything from the beginning. This is because you don’t have a specific officer that you are working with. This can really be frustrating to say the least. You want to work with a company where you have a person that you can contact every time that you might have a question. This will make the whole process more efficient and faster. Different types of fees included in the home loan If you are doing your homework and search for the best mortgage broker, you will notice that there are some mortgage brokers that are asking some different fees that you should pay. They are normally asking fees like administration fees, and closing costs. You should look for a broker that has the least amount of fees, and that doesn’t ask high interest rates. But, you should also be aware of the companies that don’t have many different fees that you should pay, but the fees that they have are sky-high. Then, they might also not be the best choice for you. Read more here: http://www.bankrate.com/finance/mortgages/3-basic-types-of-mortgage-loans-1.aspx Pre-payment penalties Before you sign anything with a mortgage … Continue Reading →

Get mortgage loan from mortgage lenders in Australia

Getting a mortgage loan from mortgage broker, is just one way of making sure that you are using the best possible mortgage lender in Australia. Because there are so many lenders that you can start using, it can become really hard to find the best one for you. This is why you should know these tips on how to find the best mortgage lender in Australia. Then, you will know that you won’t have any troubles with the lender. Have a deeper look into the lender When it comes to a mortgage broker, you need to make sure that you know as much about them as possible. Don’t just look at the interest rates that they offer. There might be an important reason why their interest rate is so much lower. There are other things that you should also consider. The customer supports and how reliable they really are. Make sure that you know as much as possible, to be sure that you are going to use the lender that is really the best for you. Know your service requirements You know what you really want in a mortgage broker, and this is why you should really look for the lender that will be right for you. You know if you want to talk face-to-face, or if doing online application is enough for you. Whatever you really want the mortgage lender, make sure that you are looking for the lender that will fit with your requirements. Don’t settle, because you are afraid that you don’t go to qualify with your requirements. How fast do you want to get the loan approved? How fast do you want to get the loan approved? There are some mortgage brokersthat can really takethem time to get the loan approved. And, if you are really … Continue Reading →

EVP – Protecting your family (and property) from mortgage banks

When you are getting a home loan from mortgage broker, or from any other mortgage bank, you need to make sure that you know what EVP is. This is the only way that you can really protect you and your family when you are thinking of selling the home again. It is important to make sure that you know more about EVP, so that you can make the best decision for you and your family. What does EVP stand for? For those who don’t know what EVP stands for, it simply meansEquity Value Protection. You will need to make sure that you have all the information about EVP before you buy your home loan from a mortgage broker. When you are buying a home, you are normally paying interests and the repay amount is much higher than the amount that the home is valued. And, if you are going to sell the home and relocate, you might find yourself in trouble, because the amount that you are selling your home isn’t enough for repaying the home loan. EVP is protecting you, so that you don’t have this problem. This will make sure that you are only paying for the amount that you haveselling your home for, and EVP is basically paying the rest. There are two different types of EVP Another important thing about EVP is that there are two different types of EVP that you should know, before you subscribe to it. The first type is EVP-A. This is where the mortgage broker in Melbourne gave consent to getEVP. This can make the whole process easier. So, it might be a good thing to get the consent of your lender towards  EVP, before you subscribe to it. The second one is EVP-B. This is where you didn’t make sure that the … Continue Reading →