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Five Tips For Finding The Ideal Mortgage Broker

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Introduction

Choosing a mortgage broker can be a challenging task. Finding a good lender requires lots of time as well as effort. Today, many lenders are more than willing to accept your loan application. However, kits a grand idea to screen each broker to find out the best for your case. A good lender will disclose to you everything that is going on minute by minute, is responsible for your financial requirements and provides a good rate. Since you are likely to carry the burden of paying the mortgage for years to come its necessary to find a lender that will take care of all your requirements. Here are some hints for choosing the right mortgage broker.

Check credentials

22lkfgjrijiWhen you are hunting for a Mortgage Broker, ensure that you go for one with a perfect record. Take your time and carry out a detailed research and ask for references from other homeowners who have achieved with some of the best mortgage brokers in the market. If something sounds fishy when checking the credentials for the agent, don’t shy away to move to the next intermediary.

Ask for referrals

One of the most common tips for picking a mortgage broker is asking for referrals from family, colleague, friends or others who have recently bought a home. A[part from your family, colleagues, and friends you can also ask for recommendations from a real estate agent. An experienced agent will have access to several brokers they have worked with in the past.

Research online

The internet has revolutionized the mortgage industry significantly in positive ways. Find out more about your potential lenders online. There are many sources available for consumers who are interested in the search for the ideal mortgage broker. A simple search on the main search engines like Google and Bing can give you some useful information about the agent and those who have considered their services in the past. For instance, you can find reviews about the broker from the past and present clients.

Find out about the fees charged in advance

Before filling a mortgage application with a lender, it’s necessary to ask about the costs charged by the broker in advance. Many extra hidden fees come with buying a home, and most of them are directly linked with the mortgage broker that you decide to choose. Some of the extra charges you should be on the look out for include appraisal fee, rate lock fee, application fee just to mention a few.

Ask the right questions

33ioeur80tu90Before choosing any mortgage lender, you should come up with some questions to ask the agent. If you know about the valid issues to ask the agent, you will have a better experience compared to those who don’t. Failure to ask questions may make you pay high mortgage repayments or not get value for your money.

Finding the right mortgage broker is a very formidable job that will keep you on your toes for some time. However with the five pointers listed in this post, making a sound decision will be a stroll in the park.

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Things to Consider When Applying For A Home Loan

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Buying a home is a huge decision, and you need to think carefully before you take the plunge. The first rule of the purchase of a home is getting approved for a home loan in Perth for example. If you have any semblance of experience in getting loans, then you are sorted. However, if you don’t, then there is much that you need to learn. From taking care of the paper work and wading through unlimited formalities to clearing your credit history, there is a lot of work to be done. Here is what to know before you take a home loan

Things to consider when applying for a home loan

Credit History

It might not always be possible to have an excellent creditdfsdfsdfdsfsdf history. However, by simply keeping on par with your credit card bills and paying off existing debts, you can go a long way. The lender will carefully review your financial records, paying close attention to the debt you are responsible for paying each month. The loan amount will be then be compared to your monthly income, which will be your debt-to-income ratio (DTI). Based on this rate, your lender will help pick you a suitable loan program

Pick the Right Plan

Many people commit the mistake of choosing a one-year-adjustable loan plan. It might look like a profitable deal initially, considering the rates are so low, but what you don’t know is that the rate quickly hops up the following year, leaving you in a fix. Instead, consider delayed adjustable or two-step-mortgage plan where the rate automatically gets adjusted to “fixed rate” after a period. It is less risky and covers you against uncertain future.

Negotiate

You know the general thumb rule to follow, right? Shop around, get the rates and compare prices. Here is another quick way to compare rates. Simply, ask your lender for the rate card. Listed on the card will be financial products with lowest interest rates. Compare the rates, and you will get the deal you want.

Check the Documents

dfgdfgfdgfdgWe cannot emphasize on this enough. People are so tired of dealing with the never-ending documents that they can’t wait to sign the dotted lines to get it done and over with. Carefully check the documents to ensure the terms mentioned are same as negotiated and agreed upon. In the case of doubts, don’t hesitate to ask.

Loan Tenure

The longer the tenure, the lower the EMI and lower the tenure, higher will be the EMI. People usually go for longer loan tenure as the EMI’s are more affordable. Before you jump at a decision, remember that in long tenures, you have to pay higher interest, which further pushes up the cost of the property.

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