Navigating the mortgage finance market can be a wild ride. With so many products to choose from it’s almost impossible to know which mortgage products are right for you without doing at least some research. Fortunately, there are ways that even the most inexperienced potential borrower can figure out which financing product to choose and how to obtain the best interest rates in the process.

What do you need?

Why do you need a mortgage finance product? Before you can choose the right product you must first identify what the purpose of the loan is. Are you seeking a loan for?

• Home Loan Refinancing
• A first time home purchase
• Relocating
• To purchase a second home
• To gain access to a line of credit

Don’t make the mistake of seeking a general mortgage finance loan or the wrong type of home loan for your needs. Regardless of the purpose of the financing, there is most certainly a product available to help you meet it.

How much can you afford?

What can you afford to borrow? Each individual’s answer for this question will be different, but everyone should definitely be able to answer it before signing any mortgage loan. Mortgages are significant financial responsibilities that must be honored even when times get tough. You should have a plan in order to help you meet your mortgage payment through good and bad times, without overextending yourself.

Have I explored all my options?

There are many mortgage finance options available in Australia and each type of loan product has distinct pros and cons that can help you decide whether or not it is the right choice for you. Working with a broker is a great way to compare loans and ultimately decide which one is a good fit. Mortgage brokers are experts in dealing with home loans and can sit down to discuss with you your long and short term goals and what features in a mortgage financing product matter most to you.

Do I have a lender I can count on?

Working with a lender that is knowledgeable and experienced in dealing with a range of mortgage products can prove to be very beneficial in a number of ways.

You will get:

• A variety of resources of information, such as brokers, pamphlets, websites
• Time saving tips and advice
• Access to a selection of products
• Help throughout the entire application process