Your Leading Mortgage Broker in Doncaster - Find Cheaper Home Loans with Mortgage Friend
Although the terms home loans and mortgages are often used interchangeably, they aren’t the same. A mortgage is an agreement between you and the mortgage holder that the ownership of your property is conditional upon these repayments. If you default, the creditor has the right to reclaim property ownership. Meanwhile, in a home loan, the lender gives you a certain amount to be paid back over a certain period.
Did you know cheaper mortgage rates impact the cost of financing a home? However, many factors, including your financial health, determine the rate you get on your loan. That’s why you need the assistance of Mortgage Broker who find a good deal that suits your financial situation. At Mortgage Friend, we examine your investment goals to help you get cheaper home loans in Doncaster. Moreover, we can review your existing loan and recommend changes or assess the overall quality of your portfolio.
Types of Home Loans
Mortgages make it easier for aspiring homeowners to meet the cost of buying a house. However, as home loans involve large sums of money, most applications get rejected if they don’t meet certain criteria. A declined loan request can be disappointing and frustrating. Hence, proper preparation is crucial to prevent the application from getting disapproved. This is where our free mortgage review service can be very practical.
We offer different services that focus on all aspects of your loan application. From working out how much you can borrow to discussing which product could be more suited to your finances, our mortgage consultant can provide personalised guidance. Not only do we review your financial well-being but we also compare several rates to identify a suitable loan. We leverage our industry knowledge and connections to identify several home loan options for you.
To make things easier, here are the different types of loan products:
Fixed Rate Loans: This is a mortgage that has the same interest rates for the entire loan period. Many homeowners prefer fixed-rate home loans as they’re more predictable, making them one of the most popular products. It means that regardless of whether market rates go up or down, your mortgage will not fluctuate. While it protects you against interest cost volatility, you might have to pay more even when the market rate is low.
Variable Rate Mortgages: If you want a product with a changing rate compared to fixed-rate ones, our mortgage brokers can help you choose one. The interest in variable-rate home loans fluctuates over time, based on an underlying benchmark. The obvious benefit is if the market cost declines, your loan repayments will also fall.
Split Rate Loans: Here, you split the loan into two separate accounts - one with a variable and the other with a fixed rate. You typically make respective repayments throughout the complete term of your split-rate home loans. It lets you enjoy the stability and flexibility of both fixed and variable rates.
Refinancing Options: Do you wish to revise your current mortgage terms or interest rate? If so, Mortgage Friend provides refinance home loan solutions as well, allowing you to seek more favourable terms, schedules, or interest rates.
First-home Buyer Incentives: Our loan broker can assist you with first-home buyer incentives from the government. It helps you buy your first dream house sooner. However, there are some eligibility criteria that you need to meet to apply for the first home-owner grant. We’ll get you acquainted with these terms for a smoother process.
Factors Influencing Mortgage Rates
Purchasing a property is one of the biggest decisions you’ll make in life as it requires significant financial investment. One of the critical aspects you need to scrutinise is the mortgage rates. After all, it’ll substantially impact monthly repayments and the overall cost of the property you wish to buy.
Subsequently, you must understand the factors that affect the home loan rates in Doncaster. Don’t worry, our finance broker will help you navigate these parameters and choose a competitive product. These include:
Reserve Bank of Australia (RBA) Cash Rate: It is the official interest rate at which banks or other financial institutions can borrow money from RBA. When the cash rate changes, it has a ripple effect on home loan interests.
Current Economic Conditions: When deciding on loan interests, lenders assess factors like GDP growth, unemployment rates, and inflation. Ultimately, the market’s economic health influences home loan rates. Therefore, you need to stay informed about economic trends to make an informed decision.
Supply and Demand: If the current market has a higher need for credit, lenders will increase interest rates in anticipation of higher returns. On the contrary, when the demand for home loan finance is low, creditors will lower their rates to attract potential borrowers.
Credit Score: A borrower’s creditworthiness is also considered when applying for mortgage loans. Income stability, a good credit score, and a low debt-to-income ratio improve your chances of getting better deals.
Loan Period: The longer the mortgage term, the higher the rate will be to cover any additional risks that may occur.
Benefits of Refinancing Your Home Loan
A dip in mortgage rates is an ideal time to refinance your home loan. It’s unwise to miss an opportunity for reduced interest costs, lower repayments, and better terms. There are several good reasons to consider refinancing, such as a more competitive interest rate.
As a leading mortgage loan broker, we’ll help you receive the following benefits from refinancing:
Lower interest or comparison rate
Advantage of non-existent or lower ongoing fees
Access to features and add-ons such as offset accounts or redraw facilities
Reduced monthly repayments
Pay off your loan quicker
Obtain various monthly repayment options
Removes private mortgage insurance
Access equity for home improvements or repairs
Lock in a fixed interest rate
Combine all your debts into one single payment
Why Choose Us for Your Home Financing Needs in Doncaster?
The market is chock full of different mortgage products, and comparing them to find the ideal one can be difficult. You may wonder what type of loan makes the most sense in your current financial state or how your credit score will affect the outcome. The process does get inconvenient, doesn’t it? One way to reduce these hassles is to tap into the expertise of Mortgage Broker. If you’re searching for a “home loan broker near me in Doncaster”, you’ve come to the right place.
At Mortgage Friend, we help you navigate these options by explaining the differences between various products. Moreover, our carefully developed system lets you choose a first-home buyer's mortgage that suits your needs. That’s not all; once you select a product, we’ll ensure your application is submitted on time and you’re informed every step of the way. Here’s what makes us stand out from the rest:
Assessment of your finances, including income, debts, credit history, etc.
Thorough explanation of several loan options
Access to a variety of lenders
Negotiation of terms and interest rates
Assistance with paperwork and documentation
Expert guidance for the approval process
Free of cost home loan review
Cheaper mortgage rates
Get Your Free Mortgage Review Today!
Are you ready to take the first steps toward your dream home with our mortgage services? Let Mortgage Friend help you simplify the process of getting cheaper home loans in Doncaster. You don’t have to stress about how much a mortgage broker costs. We’re upfront with our fees and transparent in all of our dealings. Rest assured, our fees are affordable and will not put a strain on your budget. Besides, we’ll assess any existing loans you have free of charge and give you a professional, unbiased opinion. For details, you can call us on 0407 949 044. Alternatively, drop us an email at jkassoc@arc.net.au and we’ll be happy to answer all your queries.
