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Finding the best home loanWith so many home loan providers now, and a huge range of home loans available, it can be a difficult task identifying the best loan for your circumstances. Competition in the lending market from banks, Australian and international, building societies, credit unions and a variety of other specialist lenders presents home loan products including honeymoon rates, introductory rates, standard variable rates, basic variable rates, fixed rates, capped rates, lines of credit, equity loans, construction loans, redraw facilities, professional packages. And if you are a first home buyer, the dream of home ownership, and getting the best loan must seem to get harder as you look further into it! At Mortgage Exchange we will work with you, and ensure that you are not wandering around in a cloud or fog, unsure of what is next. It is our role to both educate, and assist you in the process of home ownership, so that your decisions are made from a position of confidence, and not fear. What are the important factors people take into account when selecting their home loan lender?The key factors for most people today are as follows; - primarily the lenders stability and professional reputation, exit and early repayment fees by the lender, loan flexibility, products offered by that lender, low ongoing rate, minimal fees and charges, such as setup and ongoing fees, broker recommendation, accessibility of a branch, low deposit option (of less than 10%), and low introductory rate. (2007 & 2009 Mortgage Trends Reports - Genworth Financial). Applying for and getting a home loanNow that you are ready to apply for a loan, it is important to work out how much deposit you will need, how to apply for a home loan (and the necessary documentation you will need), and getting it approved (what is involved in the process). In addition we explain the credit process and credit profiles, valuations and importantly costs associated with your purchase and the home loan. RefinancingWe recommend that you review your mortgage every twelve to eighteen months, or when your personal circumstances change, such as a new addition to the family. We undertake loan health checks as a free service, and all that you need to provide us with are your loan details, and income and expenditure details. Importantly, when looking at refinancing, it is important to look at the change over costs, and the reason you wish to refinance. Ongoing management of your mortgageWhen it comes to your home loan, it is important to realise that it is one of the largest debts you will ever take on in your life. It is important that you treat it as such, and take an active role in managing your mortgage. There are a number of ways in which you can save significent amounts of money on your mortgage over its life time, and there are some great tips which anyone can follow to save thousands in interest and reduce it by years. Further information and downloadsWe have a number of prepared checklists to help with both the process of buying your dream home or investment property, through to application and settlement checklists. Listed below is a summary of the most common type of mortgages. Mortgage Exchange will gladly guide you in the right direction and assist you in choosing the correct product for your short-term and long-term requirements.
 Talk to Mortgage Exchange and we can tailor a solution to your specific needs. It is as easy as a telephone call to one of our experienced loans officers on 02 4952 9910. |