Is refinancing my mortgage the best decision?
Refinancing your mortgage might seem like a great option but for many people it’s actually not. We all have those hindsight moments in life right, I will never forget that moment for a couple I met just after the GFC. Their hindsight moment was realising that the true cost for them from the previous two decisions to refinance was just shy of $600,000. It’s a costly mistake that anyone can make. This article covers some key questions to ask yourself before you head down the refinance decision so you can avoid costly mistakes and be confident in your choice whether that’s to refinance or stay with your current lender. Here’s five questions worth asking yourself when evaluating if refinancing is the best option for you.
Why won't the bank lend me money?
If I had a dollar for every time I have been asked this question I could probably be a bank myself. “I earn good money”, "I have a good deposit” and even “My mortgage payments would be less that what I pay in rent” are probably the most common statements people voice when they are asking me this question. And even though lenders may differ in their processes, they all have a requirement to meet their responsibilities under the ‘Responsible Lending Code’. So imagine yourself in this situation You are relaxing at home one Sunday evening when there’s a knock on the door. Upon opening the door, you are greeted by...
Mortgage approval tips for ‘First home buyers’
For some lenders it is no longer just about whether you can afford the repayment, it’s also a question of whether they want you as their customer or would prefer one of the other applicants. Brokers often refer clients to me who have initially been declined and the reasons can seem quite silly not to mention add unnecessary stress to the buying process. Here's 5 simply things you could do now in preparation of submitting an application in the future.
