What Should You Be Asking Your Mortgage Broker?

What Should You Be Asking Your Perth Mortgage Broker?

Applying for a home loan can be a daunting task. With Perth’s home loan market seemingly flooded with different types of loan products and lenders, knowing exactly what to ask your Perth Mortgage Broker can be a difficult question.

When it comes time to decide which home loan is right for your personal situation, you will need to know the answers to these very important queries.

What interest rates are available?

This is a good question to ask Perth Mortgage Brokers. A quality mortgage broker will be able to explain all the different fixed and variable rates that are available to you, as well as explain and compare side by side the benefits and extra costs of comparable loans for your situation.

Are there any fees?

Fees such as annual package fees, one off settlement fees, and discharge fees can be explained by your Perth mortgage broker, so you know the true costs associated with the home loan products.

What features are best for my situation?

Is an offset account suited for my situation? Should I choose a fixed or variable loan? What about a line of credit? All these are questions you should discuss with your Perth Mortgage Broker.

How much deposit do I need?

To avoid lenders mortgage insurance which is a bank fee, lenders usually recommend a deposit in the vicinity of 20% of the property value. Obviously some people such as first home owners do not have 20% deposits, so it is important to discuss the amount of deposit you can contribute and compare the fees each lender has, as no two lenders have the same policy and fees can differ considerably.

Do I have enough equity to refinance?

Finding out the value of your home is important when weighing up the benefits and negatives of refinancing. Lender Valuations are required when you want to refinance or restructure your home loan. Some banks rely solely on full valuations of your property, whilst others can accept modelled estimates and kerbside valuations. As always speak to your Perth Mortgage Broker about the pros and cons of refinancing.

Other queries?

Loan Monster, Perth’s respected and professional mortgage brokers are here to help with any queries you may have about home loans. Our friendly staff are free to speak to today. Visit the website at loan-monster.com.au or call us on (08) 93364489 now.

*The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site.