Why Will You Need Our Mortgage Broker Clear Mountain?
Clear Mountain is the perfect suburb if you’re a fan of the outdoors. Just a 30-minute drive from Brisbane, this lovely place is bounded by State Forest where people can enjoy road cycling, mountain biking, horseback riding, or even just walking to fully enjoy the beauty of nature. A haven for campers, hikers, and nature lovers, Clear Mountain is filled with beautiful gardens and mountains that you can enjoy on a trail with friends and family. Among the must-see attractions in the area are The Thomas Brisbane Planetarium, which kids of all ages will surely love, and the Suncorp Stadium, which is the best stadium in the southern hemisphere and host to some of the best games in the Rugby League, Rugby Union, and Soccer. Curious to see what else the town has to offer? Then contact our mortgage broker Clear Mountain today!
Where Can You Use Mortgages For?
A mortgage refers to the practice used to acquire loans with collateral as security, and mortgages and mortgage lenders are both key players in the financial market. Mortgaging is an in-demand business too, and more and more people are getting in this field to help others get the funds they need for their next project.
Mortgages are generally given based on your personal property’s worth as payment for the debt. These can be offered by banks, financial institutions, and other financial sources.
The majority of people acquire mortgage loans to build or buy houses or commercial properties. However, you can also get mortgages to help fund your business, education, etc.
What Kinds of Mortgages Can Our Mortgage Broker Clear Mountain Help You Get?
Most people probably can’t buy or construct a house without help from lenders or banks. If you wish to buy a property but don’t have the whole purchase price yet, applying for a home loan is your best bet.
However, with a lot of options out in the market today, borrowers find it difficult to choose the best product for them. So in today’s post, we’ll talk about the kinds of mortgages available to help with your decision making:
Variable Rate Loans
These are the go-to option for most homebuyers. These rely on the Reserve Bank of Australia’s ever-changing cash rates and the constant fluctuation of interest rates. This means you can have low payments in one month and high payments in the next.
Some find these as a gamble. But, most mortgage broker Clear Mountain clients still prefer this since it allows them to repay the loan in different ways. Additionally, if we find another loan that better suits your needs, you can easily switch providers since most lenders don’t charge an extra fee.
Fixed-Rate Loans
These loans lock-in your home interest loan for an agreed number of years, with a rate that’s usually higher than the current variable. Meaning, there’s a fixed amount you have to pay each month.
If you’re a borrower who’s on a strict budget, this loan is ideal for you because you don’t need to worry about whether or not you can repay the loan. However, our mortgage broker Clear Mountain would also let you know that aside from the higher mortgage rate, switching to a new loan can be pricey since lenders usually charge a break-cost fee.
Guarantor Loans
If you’re looking to borrow at least 80% of the purchase price but refuse to pay the mortgage lender insurance, then check out guarantor loans. What you can do is ask your parents or close family members if they can be your guarantor. If they agree, the lender will make a part of their house as your collateral for the loan.
These loans are an option if you’re a first-time buyer who’s keen on entering the world of property market.
Line-of-Credit Loans
Our mortgage broker Clear Mountain will suggest this loan, along with your current mortgage, if you’re planning some home renovation. Also called “home equity loans,” these allow borrowers to maximize their loans and use them for other expenses. The amount depends on your property’s equity, and it can be used either in a lump sum or bit by bit.
But, take note that these loans aren’t for impulsive clients. Once you’ve drawn from your line-of-credit, you have to make repayments right away to compensate for what you’ve borrowed. Not doing this will only extend your loan term.
Interest-Only Loans
As the name implies, this loan lets you skip paying the principal and only focus on paying the interest—for now. If you’re a property investor hoping for negative gearing or someone looking to make a profit by selling your property (as long as it won’t depreciate,) our mortgage broker Clear Mountain will likely recommend this loan.
This is also a good choice if you’re a low-income earner or young home buyer who really wants to have your own property without a lot in your bank account. These loans typically last for 7 years before going back to the “traditional route.”
Investment Property Loans
These probably have the strictest requirements. First, you need to prove that you have sufficient funds left to repay the loan. On top of that, the lender may require that these funds are higher as compared to if you were applying for a home loan.
Your rental income is another factor, since it may be enough to shoulder the mortgage costs and other expenses. Meaning, the property didn’t actually lower your debt-to-income ratio (or how much of your monthly salary is used to pay off the mortgage,) which is also considered in the approval of your loan.
Last is your property’s potential for appreciation during the loan. This is why you must consider the information on current vacancy rates and the trends in housing prices. These, too, are factors when your property gets assessed.
What Benefits Can You Get by Using Our Mortgage Broker Clear Mountain?
For a long time, borrowers only belonged to their banks, which also meant there was lesser competition among financial institutions. However, a lot of things have changed and borrowers now take their time comparing institutions to get the best deals. This led to the birth of our profession. We help people obtain loans to get the funding they need.
A mortgage broker must have an Australian Credit License (ACL) or be a credit representative of a licensee (aggregator.) It will act as your protection if ever a lawsuit takes place.
We Negotiate with Various Financial Institutions
First off, our mortgage broker Clear Mountain will serve as a “middleman” between you and the lender willing to fund your project. This means you don’t have to talk to them yourself and therefore, a lot of saved time.
We know the specifics of each bank and will guide you toward the product that best fits your needs. Our goal is to help you get the most competitive rate based on your current situation. We also make sure to negotiate the best we could to help you land the loan that aligns with your goals and budget.
We Explain How the System Works
When getting a mortgage, for example, you should first know the difference between a fixed and a variable rate. Our mortgage broker Clear Mountain can easily give you this information and give you some tips on how to find the perfect loan. We help you see and understand complicated things with ease and guide you through all the steps until you find a solution that’s best for you.
Also, do you know the difference between us and a mortgage advisor?
Mortgage advisors work for the bank and are only concerned about selling you products from that bank: whether those suit your needs or not. Meanwhile, we work independently and compare financial institutions to find loans that fit your criteria—in short, we work for you.
We Handle Administrative Tasks
Hate doing paperwork? Then don’t skip on getting our mortgage broker Clear Mountain! Our job is to prepare all the documents you may need when applying for a loan.
One document you’ll certainly need is a credit pre-authorization. This document tells you if you can get a loan or not and an estimate of how much you can get once approved.
Why Should We Be Your Next Mortgage Broker Clear Mountain?
There are a lot of home loans and lender options in the market today. So as brokers, we aim to give you various choices to make sure you find the best home loan for you. With over 30 lenders and hundreds of loan options, we’ll act as “matchmakers” between you and the perfect product. And while we do all the work for you, we promise to keep constant communication so you’re never left in the dark.
If you love to be surrounded by nature and enjoy outdoor activities, then don’t hesitate to contact a mortgage broker Clear Mountain today!