When buying a house, it always seems like there is so much red tape to get through to get your mortgage. Lending criteria may change and the average consumer may find their journey to their dream home delayed in a quagmire of paperwork.
By the time everything ends up at the conveyancers, you may be ready to throw your hands up because you may feel as though you have had to give your pedigree six times over. A comment often heard during conveyancing in Gold Coast is that the documents were already supplied to the mortgage broker or bank. Of course, in the long run, the effort will be worthwhile. Once you have signed on the dotted line you will be able to enjoy being a home owner. It can just sometimes take a while to get to that point.
The first step, once you have found your house, is to secure a mortgage. This can be done one of two ways - by negotiating directly with the banks themselves or going to a mortgage broker. Choosing a reputable mortgage broker seems like the way to go for most people. A mortgage broker will do all the running around for you and should be in a position to secure the best deal for you from any of the banks. The advantage of this is that you give your details and financial info to the broker and he/ she does the application at several banks. As long as the application is successful, this will probably not cost you anything and is a simple way to get a good deal. After all, the broker is going to fight for your deal – his/ her commission depends on it. Just keep in mind though that a mortgage broker’s aim is to get you your mortgage – in an ideal world, he/ she would have your best interests at heart and would discourage you if you could not afford the loan. In today’s world though, the broker may have an eye on the commission rather than what is best for you.
If, however, you are unsure whether or not you would qualify, it is better to go directly to the bank and do the application yourself. That way, should it be declined, you will not incur any fees. You may choose to contact the banks directly if you are not comfortable with the idea of a mortgage broker and you would probably be successful but it will involve more effort on your part. You will have to go to each bank yourself. The conveyancing works about the same in both so it is just the applications that are different.
Whichever option you go for, make sure that you can afford the instalment before-hand and you are certain to end up with your dream house.