An investment finance broker is the one that helps you find the best housing loan deals. They help you provide the proper documents you need for your application, explain everything that is written in the contract and negotiate with housing loan lenders for you. How do they find good mortgage lenders and acquire the best deals for you?
Here are questions an investment finance broker asks when finding the right lender:
What is your interest rate?
Housing loan lenders usually base this on the loan and your credit. They will set your monthly dues from the agreed upon mortgage balance and loan term. If you wish to acquire smaller deals, it’s best to pay any outstanding credit balance for you to have a clean slate and lower interest rates.
Remember, a reliable broker looks after you. He won’t allow you to pay for something where you can’t meet your financial and material goals.
Are your loans fixed or adjustable?
If the lender’s rate is fixed, it means that the price of the loan will not change the moment you avail it. Adjustable rate mortgage means that the interest changes after a period.
Adjustable rate mortgage is recommended for those who are not planning to move to a new house because it has a lower interest than a fixed one. Check when the interest will change and what are the fees.
Are there any pre-payment penalties?
You’re probably used to the idea that penalty fees are usually sanctioned to late payers. In this type of industry, things are different. Those who are planning to pay off their mortgage principal early may be required to pay a fee, depending on the lending company.
To avoid confusion, consult the best broker. Acquire the best mortgage deal for your future home by visiting http://opalfinance.com.au/ today!