Mortgage Broker Albany Creek: How Can We Help?
Located about 20 kilometers northwest from Brisbane, Albany Creek is positioned to the west of Bridgeman Downs and east of Eatons Hill. Only 20 minutes away from Brisbane, Albany Creek is a great place to live in if you want the suburban feel without living too far from the city. This clean and quiet suburb is filled with leafy streets and lovely locals, police presence is felt round the clock making it a safe haven for families. Though the nightlife isn’t abundant here, there are a lot of sporting and leisure centers around so it’s not that big of a deal. Does it sound like this town fits your criteria? Then go ahead and hire a mortgage broker Albany Creek today!
What Can You Use a Mortgage For?
A mortgage is a financial term used to describe how you get a loan with collateral as security. Mortgaging is an in-demand business and more and more people are getting into this field to help others acquire a loan for themselves.
Mortgages are normally granted based on the worth of your personal property as payment for your debt. These can be offered by banks, financial institutions, and many other financial sources.
There’s a standard method of acquiring mortgages—however, formality and interest rates can vary for each institution. Most mortgage loans are used to buy or construct houses or commercial properties, but you can also use these for marriage, business, etc.
Mortgage Broker Albany Creek: The Mortgages We Can Help With
In most cases, buying a house won’t be possible without help from banks or lenders. If you wish to own a property but don’t have the whole purchase price yet, then consider home loans as your new best friend.
However, there are various options currently available, making it confusing for borrowers to pick the right one for them. So today, let’s talk about the ones we can help you avail:
Variable Rate Loans
This is the go-to option for most homebuyers. This loan is based on the ever-changing cash rates of the Reserve Bank of Australia and the constant rise and drop of interest rates. This means you can have lower payments in one month and higher payments the next.
You may see it as a gamble—it is. But, most mortgage broker Albany Creek clients still choose this method as it allows them to pay in a variety of ways. Also, if you ever find a loan that’s better suited to your needs, you can easily refinance your loan with a different provider since most lenders won’t charge you a fee.
Fixed-Rate Loans
As the name implies, there’s a fixed amount that you need to pay each month. This loan locks-in your home loan interest rate for a specified number of years, and the rates are typically higher compared to the current variable.
This also means you don’t need to worry about the status of the market. Clients with a strict budget can benefit from this loan a mortgage broker Albany Creek can help you get since they don’t have to worry about how much they’re going to pay each month. However, aside from the higher rates, changing to another loan product can be a pain as most lenders charge a break-cost fee.
Line-of-Credit Loans
If you’re looking to renovate your house, this loan (on top of your current mortgage,) is your best bet. Sometimes referred to as “home equity loans,” these let clients make the most out of their loan and use it for other expenses. The amount will be based on your property’s equity, which can then be used in whole or bit by bit.
But as a mortgage broker Albany Creek, we won’t necessarily recommend it to impulsive clients. This is because the moment you’ve drawn from your line-of-credit, you have to make repayments right away to compensate for what you borrowed. Not doing this will only extend the length of your loan term.
Guarantor Loans
Want to borrow 80% of the total price but don’t want to pay the mortgage lender insurance? Then this loan is for you. All you have to do is to ask your parents or a close relative if they can be your guarantor. If they agree, a portion of their house will now turn as your collateral. This is ideal for first-time buyers who are new to the property market.
Interest-Only Loans
A break from traditional loans, this loan lets you skip paying the principal and just worry about the interest—for now. Property investors looking for negative gearing or people who want to make a profit by reselling their property (as long as it won’t depreciate) will highly benefit from these.
We as a mortgage broker Albany Creek also recommend this loan if you’re a young home buyer or have a low income. This loan typically lasts for only 7 years before returning to the “traditional route.”
Investment Property Loans
These perhaps have the strictest requirements. First, you have to show that you have sufficient funds set aside to repay the mortgage. Lenders may also require that your remaining funds are higher as compared to if you’re applying for a home loan.
Rental income will be a factor too, since it may be enough to shoulder mortgage repayments and other expenses. Meaning, your property didn’t lower your debt-to-income ratio (or the portion of your monthly income used to pay off the debt,) which is also considered when applying for a loan.
The third factor is the potential of your property for appreciation during the loan term. Both you and the lender may want to look out for the vacancy rates and the trends in housing prices.
Why Should You Get a Mortgage Broker Albany Creek?
For a long time, borrowers only belonged to the banks and there was lesser competition among financial institutions. But that has changed today and borrowers now take their time comparing different institutions. This led to the creation of a new profession—mortgage brokers. They help borrowers who want to get mortgages secure a loan from lenders to aid with their financial goals.
Mortgage brokers should have an Australian Credit License (ACL) or be a credit representative of a licensee (aggregator.) This will serve as your protection if ever a lawsuit happens.
Mortgage Brokers Save Your Money and Effort
Banks and most financial institutions are only open during business hours. Meaning, you have to take a day off just to get an appointment—plus, a day isn’t enough as you need to compare banks and talk with them to get a suitable loan.
This is where a mortgage broker Albany Creek enters. We’ll do all of this for you and act as a “middleman” and negotiate with lenders to get the funding that you need. We’re known for our flexibility too, where we can have meetings with them even after office hours to save you a lot of stress.
Mortgage Brokers Know How the Mortgage System Works
First off, do you know the difference between a variable rate and a fixed-rate loan? Mortgage brokers are experts in the world of finance and should be able to provide this information. Moreover, they should also advise you on how to get an appropriate offer.
Mortgaging is a complicated topic so a good mortgage broker should be able to explain things thoroughly in a language you understand. A mortgage broker Albany Creek must assist you from start to finish and help you find a product that fits your needs.
You should know the difference between a mortgage advisor and a mortgage broker, too.
A mortgage advisor works for a bank and is only concerned about selling you loans from that bank even though it may not suit your needs. Mortgage brokers, on the other hand, work independently and compare different institutions to find which loan is best for you—in short, we work for you.
your Credit Score is Protected by Using Mortgage Brokers
In terms of loan filing, banks and other institutions have different criteria as to what’s acceptable and what’s not. If you decide to apply for mortgages from several banks and one gets denied, your credit rating will be tainted and thus, suffer.
A mortgage broker Albany Creek works by comparing institutions using only your financial information and never your identity. This way, we’ll have a better chance of finding the right product while your credit score is protected.
Mortgage Brokers Take Care of Administrative Tasks
Think mortgage brokers are unnecessary? Then be ready to do tons of administrative work! Mortgage brokers are here to prepare all the documents you need for a smooth-sailing loan application process.
For example, we can help you get a credit pre-authorization. This document lets you know if you’re eligible for a loan and an estimate of how much you can borrow.
A Good Mortgage Broker Albany Creek Stops You from Making Unwise Decisions
You probably know very little about the mortgage system and you’re not an expert in this field: then why are you confident doing this by yourself? A competent mortgage broker should be able to understand and thoroughly explain to you the pros and cons of each product to avoid making mistakes that can cost you a lot.
For instance, the most common mistake by borrowers is choosing loans that have the lowest rate without reading the conditions that come with them. Our role is to dissect these conditions so you won’t end up in a bad place just because you weren’t informed.
Why Should We Be Your Next Mortgage Broker Albany Creek?
We aim to help our customers achieve their dream property. As home loan experts, we know how scary buying your first house is. That’s why we work with you to ensure the whole process of buying or refinancing your property is properly explained—and hopefully to take some weight off your shoulders! Or maybe you’re in the market as an investor: we can also help with that! With more than 30 lenders and hundreds of loan options, we’ll serve as your “matchmaker” until you find the product that’s right for you. On top of that, as mobile mortgage brokers in Brisbane: We come to you!
Albany Creek is a family-friendly and nicely-established suburb with lots of trees and greenery surrounding the residential area. Houses here are a mixture of slightly older styles and some beautiful modern ones. You can also find everything you need in the market, and access to the city is easy either by road or train. It’s pretty accessible to the Sunshine and Gold coasts, as well as some neighboring rural areas.
Curious to see what Albany Creek looks like? Then book an appointment with a mortgage broker Albany Creek right now!