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Stop! 5 Ways You’re Sabotaging Your Mortgage Preapproval

Homebuyers commit a considerable measure of errors that hurt their odds of getting a Mortgage broker preapproval from their loan specialist. You would prefer not to join their positions and damage your home buy.

Here are the 5 regular oversights they see borrowers make — and tips to maintain a strategic distance from them:

Shutting credit accounts

Once you’ve paid off a credit card or spinning obligation account, you may be enticed to close the record so you don’t run it up once more. Yet, doing as such really harms your credit, Mortgage brokers Melbourne alerts. So as to get a mortgage pre-approval, you’ll require no less than two current lines of conventional credit with no less than a two-year installment history; the more you’ve had them the better. Check with a mortgage broker to discover how much your score would be influenced by shutting paid-off credit accounts before you settle on any choices.

Paying Down Just High-Intrigue Charge Cards

Despite the fact that this is the correct approach more often than not, it really encourages more to pay down adjusts that make up a higher level of your accessible acknowledge, a circumstance known as a higher credit usage proportion. At the point when the credit use proportion achieves over half, it can harm your odds of getting a mortgage pre-approval, Mortgage brokers Melbourne says.

Taking Out Real Credits

This one appears an easy decision, however, both Mortgage brokers Melbourne say they see numerous borrowers commit this error. Try not to be one of them. Abstain from taking out huge auto or understudy advances until after your home buy closes. Something else, your obligation to-wage proportion will be higher — and your odds of getting a mortgage will be brought down — in light of the fact that you’re adding a new obligation to your plate while your pay remains the same. More details.

Paying Off Old Obligations You Don’t Have to Reimburse

If you have obligations that have been in accumulations for quite a long while, you might not need to pay them off. It’s conceivable, contingent upon your state’s statute of confinements, that the obligation is not any more collectible and won’t influence your FICO assessment, Mortgage brokers Melbourne says. For the most part, states force a breaking point of three to six years for accumulation offices to gather obligations, however the law shifts from state to state, so you should need to check with a lawyer to check whether you have old obligations you should reimburse.

Changing from Pay to Commission

Mortgage brokers Melbourne specialists regularly require a two-year history of commissions or independent work salary for a mortgage preapproval.

Holding Up to Trade Out Ventures

For the most part, you need no less than three months of trade holds accessible out request to demonstrate the bank you can keep making month to month mortgage payments on the off chance that you lose your salary out of the blue. Securities, for example, stocks, shared assets, and different speculations are considered a piece of your benefit holds for Mortgage brokers Melbourne endorsing purposes. Commonly, however, money resources should be close by for a few months, contingent upon the loan specialist, to be tallied.

Following stages for mortgage pre-approval

If purchasing a house is seemingly within easy reach, it merits taking a seat with a mortgage proficient presently to figure out how you can all the more effectively get preapproved for a Mortgage brokers Melbourne when you are prepared to purchase. Click here for more information: http://www.mortgagebroker247.com.au/personalloans/

Become a Mortgage Broker in Melbourne

It isn’t as hard as what you might think to become a mortgage broker Melbourne. If you know everything there is to know about mortgages and where to submit it for approval, then you can consider getting a career as a mortgage broker. Here are some things that you should consider in order for you to become successful as this type of broker.

Need to have the right qualifications

The first thing that you need to make sure about before you became a mortgage broker is that you need to have the right qualifications. If you think that you can become a mortgage broker without having any qualifications, then you should think again.

There are many online courses that you can do to become a broker. People will not trust you with something as important as getting an approved mortgage if you don’t have any qualifications and experience in mortgage loans.

Know where all the applications can be submitted

The second thing that you need to do before starting your career as a mortgage broker Melbourne, is to do as much research as possible about all the trustworthy places where you can submit the mortgage application to. This can be hard because you need to know that your clients are trusting you with companies that are trustworthy.

There are a couple of the financial institutions that aren’t reliable and that you don’t want to use for your clients. Make a list of all the places where you can submit the applications is essential.

Register yourself as a mortgage broker

Now that you know how to become a mortgage broker and where to find financial institutions where you can submit mortgage applications to, you should register yourself as a mortgage broker. You can’t start doing business if you aren’t a registered broker.

There are some things that you need to do in order to be a registered broker, so make sure that you are meeting all the requirements so that the registration can go as fast as possible.

Marketing yourself to get new clients

The last thing that you need to do is to start doing marketing. People need to know that you are a mortgage broker Melbourne and that you can be trusted with something as important as assisting people in getting an approved mortgage.

If people don’t know about you, you will not be able to start your career as a mortgage broker. There are many brokers in Melbourne, and if you don’t do marketing, especially online marketing, you will not be successful.

There are somethings that you need to know and consider when you want to start a career as a mortgage broker. With all these tips, you will be able to make sure that you are starting your career and making a success of it. There are many people that are trying this career, but because they don’t have all the information, they don’t know where to start. It can be a great thing to be a mortgage broker Melbourne if you are successful and getting a great reputation.

Using a Mortgage Broker When You Buy Your Home

Mortgage Broker

What will a broker or mortgage agent do for you?

Getting a mortgage is often the biggest financial responsibility for the athletes, and many buyers believe there are several advantages to using a mortgage brokers Melbourne. Mortgage brokers offer options and information to guide consumers in the demand process for a mortgage. Some lenders will only work through brokers or agents.

What is a Broker / Mortgage Agent?

Mediators and mortgage agents are authorized professionals working in a mortgage brokers Melbourne firm and entering into a legal relationship with a brokerage company. Brokers / Mortgage Agents can identify a large number of lenders and options for you, though many work directly with only one or two creditors.

Authorized mortgage brokers, their agents, and brokers may act on behalf of the lender, the borrower, or both. The borrower who buys the best mortgage must first confirm with his broker or potential agent that his role will act on his behalf. A mediator or an authorized lawyer is required to provide a written disclosure of your report so that it can be resolved.

Depending on the type of license, the licensed specialist can be a mortgage broker. Here, the “mortgage broker” is usually used to refer to one of these people.

Mortgage Brokers:

  • Look at your finances to determine the appropriate type of mortgage product for you.
  • Evaluate and compare proposed mortgage loans and determine whether it meets the creditor’s criteria and whether you are eligible for a mortgage loan.
  • Collect all necessary information and documents and make sure that all documents are completed and submitted to the creditor for approval.
  • Agreement with the lender on speed and duration, keeping communication during the closing process, providing administration.
  • They can also explain the application and approval process and answer any questions that may arise from you, as well as review the mortgage rate and conditions.

Working with a broker / mortgage agent

From the first meeting with a mortgage broker before the transaction is completed, mortgage brokers are subject to a set of recognized regulatory standards and industry standards.

Establish a relationship

Mortgage brokers should make sure that you, the borrower, understand the relationship you have with the mortgage broker and the services you provide. Mortgage brokers should provide information on their role and other key aspects of the transaction. The Financial Services Commission of Ontario (FSCO) recommends having this information at your fingertips to understand the role of the broker / mortgage agent, commissions, the services provided, and the information needed for a broker / mortgage broker.

When you enter into a relationship with a mortgage broker or an authorized broker, these are information that you need to ask:

  • The nature of the relationship between the broker and the customer
  • Who represents the mediator in the transaction
  • What information do you need to provide?
  • How this information is used
  • How will the mediator be compensated?
  • Services provided by the broker
  • What he expects from you
  • All current brokerage fees and charges

You are entitled to a mortgage

Mortgage brokers should receive information from you to inform you about mortgage options and get creditors’ permission.

Provision of mortgage options

Mortgage broker should provide the appropriate options appropriate to your situation, based on the creditor, mortgage, structure, characteristics and risk assessment based on the information provided by your needs and circumstances. Visit for detail: mortgagebroker247.com.au

Don’t make these rookie mortgage mistakes

Mortgage Calculator

First-time homebuyer? Not sure what you’re doing? It’s important to not make rookie mortgage mistakes, especially your first time out of the gate. After speaking with some qualified mortgage brokers Melbourne, we’ve compiled a list of the top rookie mortgage mistakes people make and how to avoid them when purchasing your first home.

Common rookie mortgage mistake #1 : Finding your home first!

We all know finding your home is the most excited part of the process! However, the most important piece of the puzzle, as any qualified mortgage broker will tell you, is the financial (and far less fun) aspect. Without a pre-approval or approval, many lenders won’t even consider your bid. It can be incredibly stressful to fall in love with a home and have it slip through your fingers when you’re not approved for a loan or for as much of a loan as you’d need. Save yourself the heartbreak and speak with your mortgage broker first to gain pre-approval, then start looking for homes.

Common rookie mortgage mistake #2 : Not factoring in other potential costs!

There are a lot of mortgage calculators out there that allow you to plug in your income and calculate an estimated mortgage payment. Don’t be fooled! There is a lot more to a mortgage than just the simple payment. Discuss all potential costs with your mortgage broker and they will tell you there are many other, sometimes hidden, fees. Homeowner’s insurance, property taxes, utility payments… all of these things factor into your monthly expense and may significantly increase your cost. Before deciding on a price range, talk to a mortgage broker and figure out what you can afford. Click here for more!!

Common rookie mortgage mistake #3 – Missing documentation!

When applying for a mortgage, make sure to have all documentation ready to go! Start gathering all documentation between 3 and 6 months before applying to make sure you have time to get all necessary information. Good documents to have on hand are recent tax returns and W-2s (past few years), pay stubs, information on all current credit cards and loans as well as bank statements. Try to keep all information current, no more than 120 days old.

Common rookie mortgage Mistake #4 – Making another large purchase before applying!

Just having a pre-approval doesn’t guarantee a mortgage. Something mortgage brokers frequently say is that they see people apply for another large purchase after the pre-approval, thinking that means it is a sure thing. Financing a large purchase can affect your credit score enough to cost you a pre-approval. Once you’re pre-approved, make no major changes.

Common rookie mortgage mistake #5 – Not relying on the experts!

It is so important to work with qualified mortgage brokers, especially as a first-time homebuyer! All of the rookie mortgage mistakes can be avoided with professional assistance. They have been there, done that more and will help you avoid any potential pitfalls. Find a skilled, licensed mortgage broker and work with them closely. See more here: http://www.bestlocationhome.com/5-tips-finding-best-mortgage-lenders/

Please visit www.mortgagebroker247.com.au for more information!


5 Tips for Finding the Best Mortgage Lenders

Who thinks about using a mortgage broker when it comes to finding a mortgage lender? Unfortunately for thousands of home buyers they don’t think about a broker and it’s quite easy to see why. Spending money on a broker seems like a waste of time and money and when you’re buying a home, there is a lot you have to pay. However, everyone needs the best mortgage lender so that they get the best deal for their money. The following are just a few tips that may help when it comes to finding the best mortgage lenders.

Understand Your Limits

You absolutely need to know your finances. There is no point in going to a mortgage broker Melbourne without having a fair idea as to what you’re comfortable paying. Understanding your limits really means knowing how much money there will be available to repay the mortgage. Now, you can go to a financial adviser or do this yourself, it’s not too hard. Calculate the current bills you have with your monthly incomes and understand what money will there be leftover to comfortably pay the mortgage and have something leftover to put aside for any necessities. This will give you a great understanding of your finances and what you can actually afford to spend. It will help you later find a good lender.

Use a Mortgage Broker

Mortgage brokers are going to be able to help you find a suitable mortgage lender. These professionals are the very best people to talk to and probably the best avenue to explore as well. Most buyers find it’s a lot easier for them to find a suitable mortgage lender when they use the services of a mortgage broker. It is something you may want to consider and it’s an easy service to find as well. Check here !

Look Locally To Banking Institutes You Know

You can use a mortgage broker Melbourne but it’s a good idea to talk to your local bank or banking institute and find out what they have available. Obtaining a mortgage from a bank is slightly different from a mortgage lending company as the bank deals with a variety of areas. However, if you are a loyal customer to them, you might find it a little easier to obtain a mortgage from them. Look into what the bank has to offer so that you can get a good deal and potentially find the best lender too.

Compare Lenders Online

Monthly mortgage costs vary from lender to lender but in terms of the type of mortgage a lender can offer or provide it usually remains the same. It would be very important to compare what online lenders have to offer so that you can know whether they have the right mortgage for you. You can even as your mortgage brokers to do this or do this yourself. It is quite easy and you might find a few surprising details as well. It’s worth looking into nonetheless.

Research the Potential Mortgage Lenders

It’s not always easy to find the very best mortgage lenders whether you’re using a broker or going solo. There are many and it’s tough to know where to start but there are a few things that can be done to help if you are going solo. It would be wise to research potential lenders. This might sound boring but it’s very important and it will give you an idea as to their reputation and what they may potentially offer you. You can go through a mortgage broker and still research the lenders for yourself. It isn’t a bad idea.

Only the Best

Every home buyer wants their money to go far and buy a beautiful home. However, a mortgage is necessary and dealing with lenders comes with that too. Most dislike the idea of dealing with lenders but it can be a lot easier. Finding the best will make buying a home simple and smooth for everyone involved. Talk to a mortgage broker Melbourne to get some assistance in finding the best lender. Find out more in this site : mortgagebroker247.com.au

Choosing The Right Mortgage Broker Melbourne

Mortgage Broker

Buying a home will be one of the biggest and most important purchases you will ever make. When it comes to financing the purchase mortgage brokers can help you get the best deal. But wait; to get the best deal first you need to pick the right broker. Finding the right broker isn’t as easy as it seems. There’s a long list of mortgage brokers Melbourne, how do you go about picking the one that’s best for you? Applying for a home loan itself is a scary task. Searching for the right broker just adds to the torture. But we have just made this task easier for you. A mortgage broker is an invaluable member of yoursquad; we won’t let you go wrong with your choice regarding him/her.

Here’s what you need to watch out for:

  1. Their experience and reputation:

To ensure that you pick the most suitable deal yourself your broker should have several years experience and should be well qualified. You may ask your friends or people around you who have had a pleasant experience with any mortgage broker Melbourne. Alternatively, you can meet few brokers face to face to evaluate the broker market. You can also ask them to allow you to read their previous clients’ reviews as this would give you an insight into their relationship with their borrowers.

  1. Accreditation:

You should always check the mortgage broker Melbourne youare dealing with is    licensed. Your broker should be certified under the National Consumer Credit Protection Act, have a Certificate IV in financial services. It is also preferred that he/she has Diploma in Financial Services Mortgage Broking.

Moreover, it is mandatory for them to be anaffiliate of the Credit Ombudsman Service Ltd or any other external dispute scheme permitted by the ASIC. (They serve as a complaint body in cases of dispute)

  1. Their Lending Panel:

Check if they have a reputable lending panel. Ask for all the information regarding the lenders they have on board. If they are repeatedly using few particular lenders for most of their clients, don’t hesitate to ask reasons. Make sure you aren’t missing out on a better deal. Moreover, demand a hardcopy of all the documents, factsheets and contracts to ensure everything is going according to the plan. Save yourself from nasty shocks!

  1. What are their charges:

Most brokers don’t charge fees from consumers and are paid a commission by the lenders.  If fees are charged, ask them what commissions or profits they receive. Under the new legislation, brokers must reveal the commission paid to them by lenders, so you have all the right to demand this information. Make sure the fee you pay is fair and reasonable.

In addition to broker’s reputation and experience; their integrity and reliability are also strong indicators of their worth. If we had to recommend you a broker, it would certainly be http://www.mortgagebroker247.com.au/. They’re the most reliable brokers in town with the best offers. makes sure you’re not missing out on the best deals. With a panel of specialist lenders, they match your needs to the best deals.

The New Developing Mortgage Market: The Scrap Mortgage Debt Market

fixed rate mortgage

Occasionally during times in your life things don’t go according to plan, the loss of a job, illness or children going to college or university. These factors can take a crippling toll on your finances and ability to keep up with your mortgage repayments.visit the top article!

The first thing to do if you are in this situation is speak to your lender, there may be a clause in your terms which allows for provisions should these instances occur.

Most will assist by giving you some kind of payment break if you can rectify the situation within a few months. However, they won’t be lenient for too long, they want their money back one way or another. Banks are not as open to loan modifications and re-mortgages as they once were, having been burnt before, therefore if you find yourself in a dire situation your options do seem limited.

Now comes the rise of the new developing mortgage market – the scrap mortgage debt market. They will approach the lender and offer to purchase the debt at a reduced rate. Once they have obtained the debt and the bank have signed off on it, all they want to do is foreclose on the property.

They are able to reap sizeable rewards because they purchased the debt below market value, selling at the market rate nets them a tidy profit each time. The bank is also able to collect on the loss though insurance funds, they have no desire to modify a mortgage for the customer as they can make the money back in other ways. So, the owner loses their home because they had an unfortunate run of luck and the lender and mortgage debt buyer both profit.

The market is increasing rapidly and there are no provisions to slow it or quash it. It could spiral out of control, with a deflation in home valuations and a huge problem with people being rendered homeless.read other info coming from http://www.bankrate.com/finance/mortgages/mortgage-analysis-063016.aspx

For customers faced with a foreclosure and challenging a scrap mortgage debt buyer, there is legal advice you can take. Don’t be backed into a corner if these people get aggressive – remember short-term profit is their game. Keep that in mind and know your rights – it’s never over until you look at and discuss all of the options with your mortgage broker or defense attorney. Your mortgage broker, depending on their relationship with your lender may be able to vouch for you and explain your situation rather than it just going through the banks standard process. It may work, it may not, but every option is worth a try if you have reached this stage. They can also go through your entire loan contract terms with you, there may be a clause you have missed which allows you to stay in the property until the situation is resolved.

fixed rate mortgageWith one in ten homeowners late paying their mortgages, this is a scenario which looks only to get worse. The scrap mortgage process is hardly ever going to sit in favor of the homeowner with everybody else standing to make a profit when the property is sold. It’s a complex process and can be difficult to understand – do your research, discover what your rights are and challenge, if you have the time and know how to do so. Once an attorney gets involved in the process in certain circumstances you may not be evicted from your property until the matter is resolved – by this time you may be back in work or recovering from illness and be able to put the matter to bed once and for all.

Importance of Mortgage Planning

mortgage planning

Mortgage planning is a fundamental step everyone should take prior to purchasing a property. Without good solid mortgage planning you could end up buying a home you can barely afford as time goes on and rates increase.

What are the first things you should do when Mortgage Planning?

Check your credit rating, this is probably the first, most important step you can take. If you don’t have a perfect credit score, then don’t fret – each lender has their own set of criteria. Mortgage brokers can help navigate you through this sometimes challenging stage. They have relationships with banks and lenders, especially if they are a well reputed company and have been around for a while. If they can vouch for your character with the bank and present a decent credit history – you may receive more favorable terms than you ever imagined.

If you are unsure as to whether your credit history will make the grade, let your mortgage broker take a look – certain banks have different lending criteria. Perhaps one lender insists you have never had any defaults in your lifetime, the lender next door says ok, you have had two defaults but you rectified this and settled them and you have been in secure employment for the past seven years, you will do for us. It’s as simple as that. Working with a mortgage broker who knows each banks limitations will ensure you have a fair chance at gaining a loan at a decent rate of interest.

The lender will also want to know if you have an existing mortgage. Are you selling that property to purchase another home? How much profit are you likely to make in that postcode area? Are you purchasing a new home at a fair price or below market value? How much have house prices in that area risen over the past 5 years? Banks and lenders all want to know they are going to get their money back one way or another. All these factors add up to a mortgage approval.Read this news now!

Where is your deposit coming from?

Lenders like savers, if you have saved for your down payment whether it be 5, 30 or 50% of the total purchase price, lenders love that you plan for all eventualities. We know in reality this isn’t always possible, perhaps the deposit was a gift from a family member, or it could be tied up in equity in your current home. Each set of circumstances can have a positive or negative effect on your purchasing a new property. Structure this information in a way that the lender will understand – a good mortgage broker speaks their language, sit with them and formulate a presentation which ensures you gain the mortgage you require.

Do you work? If so what do you do?

mortgage planningIf you are self-employed be prepared to show your tax returns and accounts for the past 2-3 years, mortgage lenders may also want to see your business plan and forecast for the years ahead to ensure you stay on the right track. Any company bank accounts should also be presented, plus all personal accounts and savings. Make sure you have all of these in place before you proceed. It’s harder to gain a mortgage if you are self-employed as income can be seen as sporadic by lenders. Convince them that you have steady work and your business is on the increase, give them everything they need and they won’t have an excuse to turn you down.

If you plan to change jobs in the next 12 months this can also go against you, or you desire to go traveling, or even retire. Lenders like stability in all areas of your life, bear this in mind before you approach them for a mortgage. If it takes a little longer to put everything in place, then so be it – it’s better to get it right the first time than to fail every time. Speaking with a qualified mortgage broker in each case will help you understand each lenders criteria and the importance of mortgage planning.

Be Wary of Mortgage Loan Modifiers Dressed in Sheep’s Clothing

Mortgage Loan

At some time in your life you have probably been approached via direct marketing or a telesales call by someone promising you they can reduce your mortgage payments each month. They promise you the earth – they will modify it, have it reduced, rectify any poor credit history so that you can apply for a mortgage again. But there is a catch – they want to be paid upfront for it. So ask yourself – if you didn’t approach them for the service in the first place they obviously want something from you, and it usually means financial benefits to them.

The mortgage loan modifiers operate in the guise of plausible, honest to goodness mortgage brokers who can save you lots of money so you can take your children on vacation. If you are approached by someone making these offers, the first thing to do is take all of their details – everything. Name, business address, ask them to show you any certificates of accreditation. If they call you ask them to email them to you, don’t use a usual email account – set up another purely for marketing, that way you won’t clog your inbox. If they are a genuine business you will find them online with a good reputation, reviews and testimonials, a legitimate business address and company registration number. You will be able to search the directors of the company, and feel free to give them a call back to double check they are who they say they are.

If someone asks you for money upfront to get your loan modified or reduced, tell them to contact your lender – they should know who your lender is already if they are contacting you. If they don’t know who your lender is, how are they so confident they can reduce your loan? You may have the lowest rate and best terms on the market! If the mortgage loan modifiers say they will contact your lender and negotiate new terms, ask for a written proposal and don’t agree to anything not even in principle until you have the paperwork and have treble checked everything. Oh, and still don’t hand any money over upfront.

Mortgage LoanIn addition to the mortgage loan modifiers you also have the “forensic loan auditor”. They want to charge you to look over your existing paperwork, just to check everything is in order. They are also trying to scam you, I’m afraid. If you are unsure contact your mortgage broker or your lender and ask them any questions about your loan terms and agreement.

There are always legitimate companies and mortgage brokers who can work with you to modify your loan if you seek to do so, regulated companies like www.mortgagebroker247.com.au are always on hand to help with any queries.

If someone contacts you out of the blue, remember they probably want something, usually money.

• Don’t pay any fees upfront to any company
• Always check the company and individual’s references
• Be very careful who you let access your personal data
• Contact your lender or mortgage broker
If you follow these simple steps you will avoid being out of pocket and could prevent other people from being scammed too.