07 Sep 5 questions you should ask your mortgage broker before buying your first home
We think you ought to use a mortgage broker if you’re going to buy your first home in Australia. That’s because you get access to a full range of financial products that are designed to meet your needs effectively.
At Aspirus Financial Services we have over 2,000 loan types that we can access and we can often get a better deal that your bank can’t. However, when you work with a mortgage broker there are some questions you ought to ask before you commit to anything:
What Type Of Loan Best Suits My Circumstances And Why?
Before you take a property loan, it’s best to know what kinds of loan are available to you such as:
- Principal and Interest (P & I) which is a type of mortgage that requires you to pay off the loan as well as the interest on it
- Interest only which is a type of mortgage where you only pay the interest
- Variable or fixed rate loans where the interest is either fixed for a set period of time on the loan or whether it varies throughout the term
You’ll need to be honest with us about your financial circumstance so that we can find the right loan for you.
What Can I Do To Repay The Loan Early?
You may find that as your circumstances in life improve that you want to pay off your mortgage at a more rapid rate than you had intended to when you took it out. It’s important to check to see if the loan you are getting is flexible for this and what the fees might be for early repayment.
What Range Of Lenders Do You Offer?
This is very important, we think. Your bank will almost certainly offer some mortgage products but most banks will only offer their own products or a handful of partner institution’s products. That means you may not be given as much choice or the right product to fit your particular circumstances. That’s the power of using a mortgage broker in Melbourne – we have access to far more products than the average bank does.
What Deposit Will I Need For My Loan?
You are unlikely to be offered a 100% mortgage on the value of a property and that means you’re going to need to put some money on the table to get the ball rolling. You need to know how much money so that you can be certain you can afford the loan you want.
What Information Will They Need To Offer Me A Loan?
Your privacy is important and you should always be aware of the information that is being shared in any financial transaction or application, not just a mortgage. Your mortgage broker should be happy to walk you through this.
Got Any Questions You Want Answering?
Of course, there are plenty of other questions you might want to ask about your loan and we’d be happy to help answer them. Contact us at Aspirus Financial Services today and find out how straightforward it is to get the mortgage you need.