Why is it that just a year or two after securing what you thought was a great deal for your home loan, all of your friends seem to have managed to secure a better deal?
Mortgage home loan deals are forever changing. You will have seen bank loan rates and mortgage rates changing considerably over the past decade, but it is always difficult to know when the market has reached the lowest rates it is likely to see for some time.
Getting involved with mortgage brokers in Baldivis will enhance the possibilities of you achieving the best deal available in the marketplace. While you are only looking at mortgage deals for a few minutes every couple of years, mortgage brokers are professionals who are constantly assessing the market and understanding the ups and downs of all of the deals available.
20% of First-Time Owners are Close to Default
Some recent research by Digital Finance Analytics (DFA) has shown that around a fifth of property owners purchasing for the first time are within a few months of defaulting on their loan. These are the very people that were helped to take on substantial mortgages just a few years ago when government concessions were available. This was also when interest rates were at a record low and houses were more affordable.
The large rises in living costs have caused difficulties in balancing income and expenses for first-time owners. Also, many people who have lived in a property for a long period or those who have purchased second and third homes are also struggling to pay their mortgage every month in these difficult financial times.
Your Mortgage May be Your Largest Expense
Being accurate, your mortgage will almost certainly be your largest outgoing every single month, so it makes sense to ensure that your lender is offering you the best deal that they can offer.
Your mortgage brokers in Baldivis will be able to tell you what other deals your lender is offering to first-time owners and others, by offering a discount to help attract their business.
You may be able to partially threaten your bank or lender that you are looking to go elsewhere if they will not offer you a deal on par with those being offered to other people, especially if you can present them with all of the information that clarifies how much you feel you’re being ripped off; but using more friendly terms will help secure the deal.
By asking about home loans in Baldivis, your mortgage broker will be able to offer you advice as to the other deals that are available in the market place. You will need to consider whether there are any exit costs to your current mortgage, which may be too large for you to move to another lender, but providing you have met your obligations perfectly to your current lender, there is no real reason why they cannot offer you a better deal, rather than lose your custom.