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5 Things To Clarify Before Buying A Home Loan

By Author: Kimberly Ash
Total Articles: 13

Buying a home loan moves you one step closer to owning your dream home or owning that investment property you’ve always had an eye on. However, as you make your plans and all there are a number of things you need to be sure of to make your home loan buying processes a success.

Loan Eligibility
Buying a home loan? There are quite a good number of lenders in Australia who are willing to lend you the cash up to 95% of the property value. The critical question is, do you qualify? Before getting all excited about that property at the beach that is up for sale, you need to be sure you qualify for a loan that purchase it. One way of finding out is paying a visit to your desired lender. But, before doing so, take a look at your credit score and make sure everything is in good standing. If you have any outstanding debts like credit cards or a car loan, try and clear it up so you can have an upper hand when negotiating the loan.

Take A Close Look At The Monthly Repayments
When it comes to money and budgeting, you understand your financial position better than anyone else. Before signing up for that home loan that seems to have the best features you could ever ask for, make use of the home loan calculators available online to estimate your monthly repayments. Don’t make any hasty decisions and don’t let the lender’s or mortgage broker’s opinion sway you into buying a home loan that might strain your budget in the future.

Research Well
The home loans market in Australia is very competitive at the moment with bank and nonbank lenders offering the best rates. Therefore you need to educate yourself and read through their terms and conditions to have a better understanding on what exactly is on offer. If you can, write down a number of questions or points you need clarified before meeting up with a mortgage broker or a lender’s sales person. Don’t hesitate to ask as many questions as you can to help you make an informed decision.

Is There Any Additional Cost To Be Aware Of?
Different loans come with different costs. Are you planning to refinance in the near future? Refinancing can cost you extra cash and these are some of the costs you need to be aware of before putting your signature on that document. Some loan types may not offer the flexibility of making extra repayments and for you to do so, it will cost you extra. Once you have all these clarified, you should be able to know which loan suits your situation.

Read The Fine Print Thoroughly.
Not all lenders keep to their word. To be safe and to ensure you are getting exactly what you bargained for, make sure you read through the loan agreement page by page. It doesn’t matter how bulky it is, you need to read through thoroughly to be sure the lender did not just nod to whatever you agreed on but also put it on paper because if things were to go south, only what is written in the agreement will carry the day.

Kimberley A is an expert property adviser and professional from North Sydney, Australia. The author loves to share her experience on the topics like applying for a home loan, types of home loans, big lenders, how to get loans approved, etc. so that latest property and home loan updates can be made available for the buyers before making any deal.

Total Views: 178Word Count: 587See All articles From Author

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