Posts Tagged ‘mortgage’
Has your mortgage had a check-up lately?
Has your mortgage had a check-up lately?
- A quick annual check-up is a great way to keep on top of your home loan and make sure you’re still getting the best value
- Let’s face it, no one wants to shell out more for their mortgage than they need to; that’s why it’s well worth keeping a watchful eye on your home loan.
- It’s easy to get into the routine of paying your fortnightly or monthly repayments. But should your circumstances change, say for example you get married or have a child, you may be paying for features you no longer need or that there’s simply a cheaper loan available.
- If any of the following happens, it may offer the ideal chance to take a home loan health check to see if your loan is still performing at its best:
- Rates rise and fall – Rates go up and down over time so it’s worth keeping an eye on how your repayments are impacted. You might want to consider fixing all or part of your mortgage if rates look like they’re on the rise. A fixed loan guarantees a set interest rate for an agreed term which will protect against rate rises. Alternatively if rates look set to fall, a variable rate might best suit your situation.
Updated products: New loan products hit the market all the time so it’s a good idea to keep an eye out to see if another loan may be better suit your situation.
think about your current mortgage
Your own personal situation may alter over time so it’s worth checking that your mortgage still meets your needs. You may change from a salaried role to self-employment or perhaps you’ve taken a role with a lower salary. You may even be thinking about securing your future financial security through a property investment. Whatever the change to your lifestyle, there’s likely to be a mortgage to fit.
Things to think about your current mortgage:
- Am I managing my repayments? Do I want to pay more or less?
- Am I paying unnecessary fees?
- Do I have other debts I’d like to combine with my home loan? Would this save me money?
- What features might I like to incorporate into my loan?
- Do I want to draw the equity out of my property and purchase an investment?
You’re mortgage doesn’t need to be static. The good news for Australian borrowers is that lenders are evolving all the time, which means there’s not only new products coming on to the market, there’s also a fair amount of competition between lenders for your business. If you feel that your loan my not meet your needs right now, and in the future, give your broker a call to discuss your options
Fast Funding
Fast Funding offers a large range of home loans for residential, investment and commercial properties.
Buying a home – it’s your dream. Turning this dream into a reality is our job as financing professionals.
Fast Funding is all about options – listening to your needs and providing you with the best loan from a variety of lenders to suit your finance needs.
Our finance specialist will assist you in selecting the best loan product for your new property purchase, or to refinance your existing debts and consolidate if need be.
Loan options
Our loan options include:
* Variable and or fixed rates
* Full documents Loans
* Lo doc (If you don’t have financials)
* Equity Tap ( release the equity in your home)
* Offset accounts
* Professional packages
* First home-buyer loans
* Construction and renovations loans
* Refinancing and debt consolidation (see mortgage check up)
* Split loans
* Commercial Loans
Disadvantages of Loans Reunification
But all is not gold that glitters. In reality, we must take into account only the interest we pay (this will be less) but also the term that we are negotiating the debt. If renegotiate debt credit card (debt of several months), the car loan debt (debt of 3 years duration), increasing our mortgage loan will have earned in interest, changing 15% or 8 % by the Euribor plus a small differential, but the debt will have become a debt of 30, 35 or 40 years and mortgage guarantee: if you do not lose the house pays for the bank.
In addition, refinancing or consolidation operations based on extended loan a mortgage have a number of expenses not to forget: the amendments to the assumed mortgage deed recording fees, notary and tax. The bank will also charge us fees for the processing and the opening of the loan. If we come to an intermediary company must add the commission or fee. Therefore, the Monetary Authority, Bank of Spain should be well informed of the deadline for the new debt and the fees and expenses that will result.
Fiscally, the new loan or extension of that we had, even if a mortgage loan will not be deductible as investment income housing as in reality the money from this new loan has not been used for acquisition or construction of residence, but for other purposes.