Real Estate, Finance and Home Articles of Interest

What You Need To Know When Choosing A Home Loan

by Bill Pitt

One of the things you will do in life that is sure to give you sleepless nights or at the very least, moments of anxiety and panic is when you go down the road to home ownership. The thought of harnessing yourself to a large home loan can be very daunting

# How much can I afford to borrow?

# What kind of loan do I need?

# How will an interest rate rise affect me?

# Do I need a variable or fixed interest rate?

So it is imperative that you gainseek out professional advice when choosing your home loan and just as importantly, the broker that is right for you.

Gone are the days when you needed to do all the leg work, going from lender to lender, gathering all the information about various home loan options, and then sitting down at home trying to fill in the forms only to get rejected because you forgot something. It's too important and so very easy to get wrong.

Save yourself time - use a reputable mortgage broker! Look for a broker who works in your local area; someone who will take time to meet you and who will analyse what kind of home loan will best suit your needs. Remember to check that they are fully accredited with both the Mortgage & Finance Association of Australia (MFAA) and Finance Brokers Association of Australia Ltd (FBAA).

You don't need to be limited to the range of home loan products that the 4 big banks offer. Select a mortgage broker who has access to hundreds of different mortgage products through banks and non-bank mortgage lenders. They will be able to offer advice on a diverse range of home loans which ensures that you find a loan that gives you all the flexibility, affordability, savings and repayment freedom you need.

Not only do you get more choice but taking the advice of a mortgage broking professional incurs no charge. In fact, the whole purpose of using the unique services of a mortgage broker is to ideally save you money! So why wouldn't you engage an experienced industry adviser who can give you up-to-the-minute information about new home loan products entering the market?

Mortgage brokers do all the work for you; their customers needs and circumstances get matched to the home loan that suits their unique situation. They offer a complete range of solutions that make is simple for their clients to afford what they want, when they want it. They will fully explain all the features, benefits and costs associated with the mortgage they recommend.

The proprietor of Home Loan Advisers, Bill Pitt, has over 30 years of knowledge and experience to help guide you through the maze of home loans and help you with a smooth and stress free loan experience.

Published December 9th, 2010

Filed in Real Estate