At long last, you and your spouse have achieved the dream of so many Australians, and are the proud owners of your very own home! Well, more or less, since like most first-time homeowners it was necessary for you to obtain a mortgage to make it all possible. The rub is, with a mortgage the property isn’t fully yours until you repay the mortgage loan in full. If things go wrong, and you can’t make the payments required, you can go into default and the lender can repossess the property. Another typical pitfall for new buyers is not knowing how to properly negotiate for your mortgage, and ending up paying a lot more than you might have if you had sought professional help from a mortgage broker.
If you are preparing to buy a new home, it’s very much in your best interests to seek the advice of the helpful experts at Request Finance mortgage broking firm. They will assist you with every step of the process, using their years of experience to ensure you make the right choice from the best possible products available when shopping for your mortgage. You will be glad you engaged their invaluable services as you enjoy your new home in comfort and confidence for years to come!
Going back to the poor souls who have the misfortune of being saddled with a less-than-satisfactory mortgage agreement, there are still some things they can do to make the situation better. If you happen to be one of those fortunates who comes into a windfall like an unexpected inheritance or a major promotion, then it might be in your best interested to simply pay the loan off early, although that can also have unexpected costs, and mistakes can be made, so beware!
The thing most people do to address the problem is to seek mortgage refinancing. If you are planning to consult with your broker, consider your answers to the following questions:
“Is refinancing right for us?” It’s possible that your current financial situation isn’t conducive to refinancing. Your broker is going to analyse your current plan and look into your credit score to determine if refinancing is the right path for you.
“Will there be additional costs to refinance?” It’s likely there will be fees associated with refinancing, so be sure to ask your broker how much you will likely be made to pay. Additional costs typically take the form of set-up fees, valuation fees, and discharge fees.
“Will there be restrictions placed when refinancing my loan?” It’s entirely possible your new lender will impose some limitations when giving you a lower rate and new improved features. There may also be restrictions on future refinancing. Your mortgage broker can check over your new terms and conditions, then carefully explain them to you so there will be no unwelcome surprises down the road!
Another useful resource for mortgage shoppers is the Australian government’s moneysmart mortgage calculator. Good luck with finding the best mortgage for you!
