With so many products offered by various lenders, it can be quite perplexing trying to figure out whether or not you’re scoring yourself a good deal on your home loan.
While doing your research and comparing what’s out there in the market is one of the most obvious ways to find out whether you’re sitting on a good deal, it can be a time consuming practice and an overwhelming experience for those without specialist knowledge of the mortgage sector.
It’s good to shop around, and yes you can use comparison websites, but because lenders call like products different names, it can get very difficult comparing apples with apples. Mortgage Brokers know the special names and pricing, so it’s worthwhile working with one as not only will it save you time but you’ll also get a well-rounded understanding of the advantages of each product.
That understanding of each product’s pros and cons is essential, because the best deal isn’t necessarily just the one with the lowest interest rate. It ultimately comes down to finding a loan that suits your plans – whether those plans are to pay the loan off as quickly as possible, to use it to fund renovations or investment down the track, or to pay the lowest total interest and fees over the life of a loan – and to finding a lender that will provide that loan at the level of finance required.
Imagine you’re wanting to buy your dream home. Now, different lenders will lend varying amounts based upon the same criteria. So that could mean that the lender with the sharpest rate may lend $100,000 less than the one with a slightly higher rate. If you really want that property, you’re going to have to go with the one with the higher rate, which may cost you a couple of thousand dollars difference a year in interest repayments.
Mortgage Brokers have specialist knowledge of products from multiple lenders, to ensure you are getting a good deal. If you’d like to have an obligation free chat about your plans I’d love to hear from you.
Cairns Mortgage Broker – Jason Thomson is a Mortgage Adviser and Finance Broker based in Cairns with clients all around Australia. Client reviews featured on his website prove that Jason is a trusted industry professional, facilitating great outcomes for his clients. Using his wealth of experience in financial services, he thrives on delivering superior service. Jason is very approachable and is always looking for new clients to help in the often confusing world of finance and property. Offering a no fee service, you’ve got nothing to lose by having an obligation free chat with Jason today.