If you are looking to purchase a property or a home, unless you have a huge lump-sum of cash to pay for it, you will need to take out a mortgage. A mortgage is basically a loan from a bank or lender to cover the shortfall of what is left after you put a down payment on a property. That shortfall is the amount you will have to borrow, and you will pay interest on it, so the lender makes money off you. Looking for a mortgage broker Coogee is a great way to have someone in the business advocating for you and helping to secure you a mortgage with the lowest possible interest rate.
Interest Rate
The biggest advantage of using a mortgage broker is they know who charges the least interest. Rather than you having to do all the legwork and trying to find someone with a low-interest rate, your broker will do that for you, so it can save you a lot of time and energy.
When you are talking about hundreds of thousands of dollars, even a point or a half-point difference in your interest rate can equate to thousands of dollars over the years. The lower the interest rate, the less money your mortgage will cost you. Hiring a mortgage broker to advocate for you amongst the lenders is the best way to secure yourself a low interest rate.
Finding a Lender
Lenders want to give mortgages to people who they don’t consider ‘high risk’. People who are recently divorced or work for themselves or who are new to a job are considered higher risk as there are child/spousal support factors to consider, work that is not guaranteed, or lack of job security. Especially if one of the aforementioned circumstances applies to you, you will want to enlist the help of a mortgage broker as you might need someone to plead your case to the lenders.
Mortgage Terms
Your mortgage broker will also make sure your additional mortgage terms meet your needs. From the length of your amortization period to whether you are entering into a fixed, variable, or locked interest rate, your broker can advise you on which option is best for your given situation. They can also find out for you how many extra payments you are allowed to make, what happens when you miss a payment, and if there are lump sums you are allowed to put on.
Hiring a mortgage broker Coogee is the best way to find yourself a mortgage that meets your needs and suits your finances.
