Home Loan Finance – So Much to Choose From When You Deal With a Mortgage Broker
So often we lodge for what is easiest or the most convenient. If you are looking for home loan finance you might think that the easiest course of activity is to apply to your own bank. Well, it might be the easiest but it may not be the best or cheapest home loan available. Some borrowers don’t love the prospect of applying for a fresh home loan directly with their bank. They don’t always have their financial papers in order, they are uncertain as tom what exactly is required for home loan finance. This is where a good mortgage broker makes it so much lighter and produces so much more to you.
I had originally applied for home loan finance through my own bank. Firstly I found it very frustrating that I could not speak to someone when I very first called. I had set aside some time because I thought there would be a fair amount to discuss on home loan finance but when I eventually got through to someone they were incapable to assist and could not put me on to someone directly to help with the queries I had about the home loan finance I wished. No, I had to goivbe my name and contact details and wait on a comeback call from someone. Unnecessary to say that came through at dinner time and it simply wasn’t convenient to discuss home loan finance when my son was wanting help with homework.
I determined to contact a mortgage broker who had been referred to me by a friend. He had been in the market for home loan finance and had told me that by using a mortgage broker he had not only been able to obtain a better interest rate but the mortgage broker also ensured that the home loan finance was very nimble. The mortgage broker had practice and an extensive skill of the different home loan finance packages available in the market. I gave the mortgage broker a call and it was slick sailing from there. He let me know what home loan finance was available and explained the benefits of certain features of different home loan finance product.
I knew nothing about 100% offset accounts for example and my own bank had not mentioned that this might be an attractive structure for me. I did have about $15000 in a savings account with my bank and the mortgage broker explained that if I put this into a 100% offset account (fastened to my fresh home loan finance) then I would only be required to pay interest on the difference inbetween my outstanding loan balance and the $15000 in my offset account. This made a significant difference to the total interest I would pay over the term of the home loan finance. My bank did not discuss the benefits of salary crediting and using a credit card for monthly purchases. The mortgage broker showcased me how by crediting my salary to the home loan each month I saved in interest because interest is calculated on the loan balance on a daily basis. Even if I have extra money in the home loan finance account for a brief while it still means a better “bottom line” for me. The mortgage broker advised that by using a 55-day interest free credit card to make my monthly purchases and then paying the credit card balance in utter on the due date, I made further savings. The mortgage broker calculated the interest I would save by leaving my salary in the home loan account for as long as possible before having to pay off the credit card balance. As a general rule the banks might not highlight these features because if you use them correctly you save money while the bank , for a switch, loses out!
If you are in the market for home loan finance engage an experienced mortgage broker to help you. You will certainly benefit as a result.