Mortgage BrokingNews Reduce mortgage payments overall by paying more in today

10 Ways to Reduce Mortgage Repayments

As mortgage brokers, one of the most common questions we are asked is: “How can I reduce mortgage payments?

So we sat down and distilled what we do into this guide, “10 ways to reduce mortgage repayments“.

Your mortgage consists of:

  • principal – the amount you borrowed to buy your home
  • interest – the amount you pay your lender and
  • fees for arranging and having the mortgage facility

The interest on a mortgage is substantial because you are borrowing over such long periods of time.

For example a standard variable 25 year loan of $350,000 at 6.25% interest would cost $692,652.85 – with nearly half the total cost being interest.

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News Why Property Investors Use Home Loan Brokers

Survey Says: 70% of Property Investors Use a Home Loan Broker

Why do so many property investors use a home loan broker? Read further.

Recently, the Property Investment Professionals of Australia (PIPA) surveyed 800 property investors in conjunction with the magazine Smart Property Investment. More than 70% said that they use the services of a home loan broker. In sister magazine The Advisor, Ben Kingsley, who is the Chair of PIPA, shared a broker’s view of why so many property investors use mortgage brokers.

Engagement

Many officers in banks or other lending institutions don’t have the time to “go the extra mile” for customers due to heavy workloads and limited selection of credit products. Mortgage brokers, on the other hand, have plenty of time and specialise in finding a custom solution for each individual based on their financial situation, goals and ability to meet mortgage repayments.

Brokers Provide More Access

A home loan broker has access to a lot more credit products than any single lender, because they use multiple lenders. This gives us the flexibility to find a loan that is tailored to your situation. We also help you with your paperwork because we know that it may be the difference between obtaining the right loan and being turned down.

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News

Get It Right by Choosing the Right Mortgage Broker for Your Needs

Many Australians think that they can find a mortgage with the best rates and terms for their situation by going to their bank or preferred lender. On occasion, your lender will actually have the best mortgage for your situation. But the odds are that they won’t.

Look at the situation mathematically. If a mortgage broker has access to more than twenty different lenders and you are seeing one lender, who is most likely to find the terms and rates that are best for you?

Why You Should Choose Your Mortgage Broker Carefully

Finding the right mortgage isn’t easy. Lenders often vacillate between strict guidelines and borrower-friendly standards. Some lenders use tactics that can not only cost you money, but can compromise your standard of living and affect your ability to obtain future loans.

Some mortgage brokers do things the right way. They know their market like the back of their hands and do their due diligence in the beginning with their clients, obtaining exactly the information they need to figure out which lenders will be appropriate for any given client. Then, they will apply only to those lenders.

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