When shopping around for home loans, Baldivis, Rockingham, Kwinana and surrounding area residents often have a ton of questions that need answers. Smartline Mortgage Brokers Rockingham desires to answer all of your questions and help you secure the home loan you need. While some of your questions may have general answers that apply to most people applying for a loan, there are some questions where the answer depends upon the personal information you provide to the lender. Below are some answers to common questions that you may have about the lending process. If you have further questions, you can call Smartline Mortgage Brokers Rockingham and our team will assist you.
Does it Cost Money to Work with a Mortgage Broker?
There are many fees associated with securing a home loan. However, you will not need to pay an additional fee to work with one of our mortgage brokers. Kwinana, Rockingham and Baldivis mortgage brokers will receive a commission from the bank that does not add on any fees to your home loan or add up to an additional upfront cost for you.
Is Pre-approval Important?
Pre-approval involves applying for a loan before you’ve actually found the home you want. A preapproval is important because it details how much you can borrow from the lender and helps you avoid looking at homes that you can’t afford. It’s also easier to get financing once you have pre-approval, which may shorten the duration it takes to actually secure the entire loan from the lender. Mortgage brokers in Rockingham can help you with the pre-approval process and get you ready to start looking at homes.
How Do I Know How Much I Can Borrow?
The amount you can borrow is ultimately up to the lender. If you don’t want to go through the pre-approval process, you can work with your mortgage broker to get an estimate of what you may be able to borrow. There are also online mortgage calculators that can calculate what you can afford based on your income.
Can I Get a Loan with Bad Credit?
While it may be more difficult to secure a loan with bad credit, it’s not impossible. A mortgage broker in Rockingham or the surrounding areas can help you by looking over your financial history and determining your eligibility for a loan. If you have an income that’s not stable but decent credit, it will be up to the lender if they feel comfortable lending you money. A co-signer or larger than average down payment could be helpful.
These are just some basic questions that most borrowers ask at the beginning of the loan application process. If you have more detailed questions, please call us at 08 9527 1800 so we can answer your questions.