How To Choose The Best Home Loans
As a mortgage broker in Melbourne, I have seen many people struggle with getting home loans. Especially people who are first-time home buyers and don’t know how to go through the process. You probably have an eye on a dream home but don’t have the budget for it.
Don’t worry, you can still make your dreams come true by knowing how to choose the best quick home loans. This is where I as the best mortgage broker Melbourne can help you.
Here is a short guide on how you can choose the best and most feasible quick home loan.
Try To Aim for The Shortest Term
Don’t go for a home loan that is long-term such as thirty years or more. Instead, opt for the shortest period possible. This is because the longer the term the more interest rate you will have to pay on the loan.
With a comparatively shorter term, you will have higher repayments but you will have to pay lesser interest.
The higher the interest rate, the more you will have to pay. This can even amount to thousands of dollars if you don’t choose a low-interest rate.
Look at your options and then go with the lender or bank that is providing you with the lowest interest rate possible. As a mortgage broker Melbourne I can vouch that you can save a magnanimous amount of money by choosing the lowest rate.
Another thing to remember is if you are getting a fixed interest rate or variable. The variable rate will keep on fluctuating with the market so your repayments can be high or low depending on the market. If you want more stability then a fixed interest rate is a better option.
Compare Your Options
Apart from comparing the two features stated above, you should also compare these features of different home loan options:
- Application Fees
- Monthly Repayments
- Ongoing Fee
Other features of the loan that you may choose
If you still can’t decide which loan to go for then hire a mortgage broker Melbourne to solve all your problems.
Hiring A Mortgage Broker
How do you find the best mortgage broker to work with? Or should you even work with a mortgage broker?
The best mortgage broker Melbourne will find just the right home loan options for you from which you can choose the one that suits you best. I am an expert mortgage broker with an excellent professional team who will guide you through every step of the home loan process especially if you are a first-time homebuyer.
We will get you the best loan in the quickest time possible so you don’t have to wait too long. Every query you have will be answered and there will remain transparency and communication between my team and you.
If you are looking for the best mortgage broker Melbourne to find options for you then look no further. I have successfully gotten loans for many people who are now proud owners of their dream home. If you want to be one too then contact us now!
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Finding The Best Mortgage Broker
Researching The Mortgage Broker Online
Determine Your Mortgage Brokers Experience
Ask Them For Their Credentials
Find Out Their Home Loan Researching Process
Question Their Turn-Around Times
Understand Mortgage Approval & Rejection Rates
Question Their Fees
Prepare Questions To Ask
Don’t Risk Getting Declined
For more info
For home loan enquiries
Contact us below
Quick Home Loans: Mortgage Broker Melbourne
Head Office: Frankston South. – We come to You!
PO Box 4117 Mt Eliza 3147
Quick Home Loans are an Award Winning Mortgage Broker based in Melbourne. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become a reality.
Next steps and settling your first home
Our team here at Quick Home Loans is here to help you buy a home in Melbourne. We are Senior Mortgage brokers who specialise in making your home journey easy.
What mortgage brokers do
A mortgage broker is a go-between who deals with banks or other lenders to arrange a home loan for you.
A good broker works with you to:
Understand your needs and goals.
Work out what you can afford to borrow.
Find options to suit your situation.
Explain how each loan works and what it costs (for example, interest rate, features and fees).
Apply for a loan and manage the process through to settlement.
How mortgage brokers get paid
Often, lenders pay the broker a fee or commission for selling their products, so you don’t pay the broker anything.
Some brokers get paid a standard fee regardless of what loan they recommend. Other brokers get a higher fee for offering certain loans. This could influence the loans a broker recommends to you.
Sometimes, a broker will charge you a fee directly – instead of, or as well as, the lender’s commission.
If you’re not sure whether you’re getting a good deal, ask around or look online to see what other brokers charge.
Before you meet with a mortgage broker
If you use a broker, here are some tips to help you.
Check the broker is licensed
Before meeting with a broker, make sure they have a license to give you credit (loan) advice.
Search the following three lists on ASIC Connect’s Professional Registers:
Credit Registered Person
To search, choose the list name in the ‘Select Register’ drop-down menu.
If the broker isn’t on one of these lists, they are operating illegally.
Consider your must-haves and nice-to-haves
Before you see a broker, think about what matters most to you in a home loan. Do you simply want the lowest cost loan? Do you want specific features, such as being able to make extra repayments?
Thinking about this beforehand will make the conversation with your broker easier. Make a list of your:
‘must-haves’ (can’t do without)
‘nice-to-haves’ (could do without)
See choosing a home loan for advice on what to consider.
Meeting with a mortgage broker
Bring your list of must-haves and nice-to-haves.
Ask questions. Lots of them. Get the broker to explain how each loan option works, what it costs and why it’s recommended to you. If you are not happy with any option, ask the broker to find an alternative.
You don’t have to take the first loan you’re offered. You may have a preference for a particular lender, such as your current bank. Ask to see loans from other lenders as well, so you can compare.
A home loan is a long-term debt, so even a small difference in interest adds up over time. If you can get a lower interest rate from another lender, you could save thousands of dollars.
Questions to ask your mortgage broker
Do you offer loans from a range of different lenders?
How do you get paid for the advice you’re giving me? Does this differ between lenders?
Why did you recommend this loan to me?
What fees will I have to pay when taking out this loan?
What features (options) come with this loan? Can you show me how they work?
Can you show me a couple more options, including one with the lowest cost?
What is the threshold for lender’s mortgage insurance (LMI) and how can I avoid it?
What information do I need to provide for the loan application?
Get a written agreement from the broker
A written agreement tells you the: