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 →

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 →