Thursday 13 April 2017

Get a Perfect Home Loan Package with Mortgage Brokers in Adelaide

A new home is a long-term investment that requires commitment. Getting the perfect home loan package is essential so you can benefit from flexible terms and lower interest rates, and a reputable and seasoned mortgage broker can help you find it. Leading mortgage brokers in Adelaide can assist you in selecting the right loan that will make sense for your situation and finances. With their guidance, you should be able to understand the pros and cons of every home loan package that is available to you, and make an informed decision when it is time to choose a loan.

There are many different types of home loan packages in the market today. Each one has different benefits and features you must consider along with the interest rates. Moreover, you need to consider other factors like the lender’s mortgage insurance (LMI), offset accounts, redraw facilities, and assessment of income. For instance, LMI must be factored into your mortgage budget and that you must consider borrowing structures that may reduce your LMI premium expenses. Some lenders allow borrowers to capitalise their LMI premium over or above a 95 percent loan to valuation ratio.

It is essential to assess your own income, too. Keep in mind that lenders can have different requirements in terms of the income they accept and how they assess it. Some lenders will accept dividends, casual employment, family allowance, maintenance, bonuses, and commissions. Self-employed borrowers must typically prepare their financial statements, although there are lenders that will not require you to submit all the common tax reports and financial statements to verify your income.

The best mortgage brokers in Adelaide are seasoned commercial and personal finance brokers who are connected with the leading banks in the country. Hence, they are able to source competitive pricing for their clients and you can be confident in their ability to source the best lending products, lenders, and borrowing structure. Be sure to work with a seasoned mortgage broker that has a good track record of helping its clients secure their new home successfully.

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