If you have a good mortgage broker, they will have made it clear that the lower the interest rate you get on your mortgage, the better for you. Economic circumstances do change, of course, and when interest rates fall it’s time to re-look at your mortgage and see if you can shred it some more. Surprisingly, that doesn’t always been figuring out how to pay less, it’s about paying the least possible for your property overall. Here’s’ our top tricks.

Don’t drop your re-payments.

Keep paying what you were paying, even when interest rates fall. After all, you’ve managed it so far, and the result will slash the amount of capital you have due as well as build you a buffer for the future. You also don’t get out the habit of paying the larger amount, and won’t have a nasty shock if rates go up.

Split your payment.

Most of us pay mortgages monthly, but the top mortgage brokers in Melbourne advise to look at splitting the payment in half and paying bi-weekly instead. It doesn’t affect your cash flow but effectively gives you an extra payment per year, slashing your interest on your loan over time.

Top up your mortgage if you can.

Mortgage brokers recommend tossing any spare cash you can muster into the mortgage whenever you can. Your mortgage interest rate is calculated daily, so it creates an immediate drop in the amount you will be repaying. This is only if you have a mortgage that allows for it of course. Don’t earn extra fees to try this stratergy.

Pay your costs upfront [if you can]

Not every home owner can do this, of course, but mortgage brokers caution that you should consider paying the loan establishment costs, and your structural insurance, upfront if you can. This means they aren’t creating interest for you over 20 years.

Pay the first month upfront.

Perhaps easier to do then pay all originating costs, some mortgage brokers suggest you pay the first month the day you move in, not the end of that month. It effectively puts you a month ahead on payments.

Offset your loan.

If you have the right mortgage, mortgage brokers in Melbourne suggest channelling your salary and savings into the mortgage account to drop the daily interest rate.

Pay in lump sums.

If you receive regular lump sums, you can look at adding these to your mortgage if you can do so without extensive costs, even if it only parks there for a few months.

 

Shorter loan terms work, say mortgage brokers.

Easier said than done, but mortgage brokers caution that if you pay off your loan over a shorter time, you will save considerable amounts of cash. Subject to you being able to repay the higher loan costs this would result in, it can be an effective saving strategy for your mortgage.

For more useful tips from mortgage brokers about how to maximise your loan and minimise your interests, pop through to Mortgagebroker247.com.au.
see more : http://www.mortgagebroker247.com.au/

 

 

 

 

 

 

 

 

 

 

How would you know if your mortgage broker is offering you a good rate? Here are our top tips to help you know when the time is right to lock that rate and get the best deal?

Do mortgage brokers deal with this a lot?

One of the most frequently asked questions for mortgage brokers is if there is a best time for a borrower to lock their offered mortgage rate. Unfortunately, the simple answer is that the best time to do that is when something unexpected occurs. Upsets to the market cause investors to look for safer options, and most of the time this means they turn to investment products like bonds. Mortgage rates are tied closely to this market, as mortgages are, in fact, a form of bond. Alas, unless you have some special talents, there’s no way for you to know when a sudden upset to the market will occur. How, then, do you get the best deal?

How does a lock rate work?

Lock rates generally guarantee that you will sign at a specific rate if you sign in a certain timespan- usually 10 to 60 days. It’s typically expressed as points, where each point paid makes the rate lower. This safeguards you against fluctuations in the mortgage rate for that time period. Of course, if rates drop, you may be frustrated at the lock. You can simply keep the rate- often the drop is so insignificant it’s not worth renegotiating. Dramatic drops, however, can be handled by locking with a different lender, or using a float down option. Although this will cost a little extra, the float down option lets you reset the lock at a lower rate, but only if it’s a significant rate.

How long should I lock for?

Remember that if the loan is not fully processed during the time frame, you will lose the lock rate. This is why most mortgage brokers and experts say you should only lock in after the purchase agreement is signed. In the case of refinancing, do it only after you have a clear estimate of how long it will take. Remember that additional lock periods are available, but generally come at a higher cost.

Are there any pro tips from mortgage brokers?

Recommendations for a favourite time to lock do vary, but most mortgage brokers notice that it seems to go better at the end of the week then the start. All but the smallest banks rest their rates daily anyway, so the chances to game the system are low. However, watch out for the first Friday of the month- several government agencies release reports at this time, and rates sometimes drop. Major stock market events have an impact too.

In the end, however, the best time to lock in your mortgage rate will come down to you. Find a moment where you realise the scenario works for you, and go for it without second guessing. Your mortgage broker will be able to help you through the process.

Find out more informations here: http://www.investopedia.com/terms/m/mortgage-rate.asp

What makes the difference between borrowing high or borrowing low has everything to do with equity you have to leverage against your new loan or what equity the new home has available for the seller. Home equity has to do with the real property that is unencumbered interest within the market value of the house and what is currently trending in the fair market, your equity is the outstanding balance of the liens against the property. It is a little hard to understand at times and it may feel you owe more than the house is actually worth. However, markets shift regularly, and you will find the balance when the time is right, and you are ready to sell a home or purchase a new piece of property.

Market trends always change. Depending on what you are ready to do, whether it’s buying a home or selling your house, the real estate agent will let you know if it’s a “buyer’s market” or a “seller’s market” it will have everything to do with your personal choice because the real estate agent will make it sound appealing. When you’re ready to sell your house and find the right real estate agent, listen for the clues they are sending out to make you sign with them. Make sure whatever your choice that it is in your best interest and not just the agenda of the agent to get you to sign with them.visit their official website for more details.

The real estate market has everything to do with how stable the economy is from year to year. No one can predict what is going to happen to businesses, and while everyone has a projection for their financial future, things can change immediately and offset the economy. World market trends have to do with the health of government and businesses. When there is a crisis on the other side of the planet, your employer might have a vested interest in that crisis; that means your employment make fall to the fluctuating economy.

Mortgage

Mortgage rates change depending on the health of the industry and not necessarily the value of the property. When it comes to securing a home loan today, many mortgage lenders will push the adjustable-rate loan, make it enticing and appealing to even people who were interested in a fixed-rate loan because the mortgage lenders depending on the changes in the market as well as making plans for an uncertain future. Make sure you understand the differences between a fixed-rate mortgage loan and an adjustable-rate mortgage loan because if a crisis changes the health of the real estate market, you may ultimately be making repayments on your loan and a significant amount of your monthly payment goes toward interest instead of principle on the loan.for more available information, go to https://www.nerdwallet.com/blog/mortgages/mortgage-rates-today-tuesday-june-21/

When an economic crisis happens, it affects everyone with a vested interest in the mortgage industry. One cannot simply rely on the government to ‘bail out’ the mortgage companies. The mortgage rates will likely spike after a crisis. Be informed and be prepared. You will save your property if a crisis happens.

Ready to jump ahead of the competition and get the best mortgage and real estate leads for your business? Prepare to do a little legwork and a lot of research. You want to build your business before you are ready to shop it out to clients. You want to make sure you have all the tools that make your business the first choice for all the customers you contact. Whether you’re a realtor or real estate agent, or just starting out, your business depends on adding more clients.read her latest article posted at http://www.afloridahomeloan.com/impact-of-economic-crisis-on-mortgage-rate-predictions/

Like car salespeople, real estate agents are always meeting potential home buyers. To generate mortgage leads on a regular basis, the agents are always in sell mode. It is important to understand what people want before your company spends money on blanketing the market with flyers that most home buyers won’t look at. Try to train your people to not be pushy with clients. Think that every person you meet, at the grocery store, standing in line at the bank or post office is someone new looking to purchase a home. Be prepared, have professional business cards printed with the agent’s name and company written on them. It is important that you are aware of brand consciousness. Certain real estate companies use strong brand images to promote their business. Having the right logo can make selling easy.This link will help you understand more about mortgage leads.

Make sure when you talk to people about buying a home that you genuinely listen to what people are looking for. Make the most of your time. If you run into someone in the course of doing other business, and they want to talk about a property opportunity, prioritize your time accordingly. If you are unable to spend at least ten minutes with that person right then, make sure you have a business card, a pen, or something that makes a statement with your company logo, and give it to them. It is important that you get their contact information if you don’t already have it, and make a verbal appointment of when you can sit down with them. Don’t make hollow promises. It is important to set a time and make the call or show up at the scheduled meeting. In today’s world, customer service is nonexistent; your company can capitalize on the laziness of other companies by making the extra effort.

Real Estate Leads

Invest your time in people and they will invest in your business. When you perform active listening, you are fine-tuning your conversation with the potential clients. They are telling you what they want and what they need. It is important that people needs are met before what they want is fulfilled. People tend to reach beyond their means and your job as a great agent means to not over indulge your clients. Active listening will filter what the client wants, as well as their experience with other real estate companies. You need to be aware that there is potential for credit problems with everyone. Listen if there have been problems. Address their concerns and they will come to you when they are ready.

There are a few different options when you are ready to get the best deal on your property in today’s trending marketplace. You want to research the available agents within the area of your property to make sure you have the best fit for you and someone who is willing and honest with you when it comes to selling real estate. It’s a “seller’s market.” If you hear that term come from the agent, you are interviewing to handle your property, be prepared – and be ready to find another representative. Real estate agents’ livelihoods depend on their ability to help people buy and sell the property.

Sometimes agents are a little untrustworthy and tend to hide certain facts that may not help sell the property. A good real estate agent knows what’s going on in certain areas, subdivisions, or buildings. They have a good handle on what the neighborhood looks like and they know how to talk to people about their buyer or selling concerns without garnishing the truth. They can have the answers you need, and if they don’t have them right away, they should let you know they will find out what the answers are. A good agent isn’t afraid to say, “I don’t know.” They will find out the answer and get back to you with the right solution.

Knowing the business means knowing people and the market trends. Real estate is impacted by the economy crisis. Sometimes closing businesses can drastically affect a real estate area because people are out of work and the future for the area is uncertain. A good agent will be upfront with you about the neighborhood; they will let you know if there are any trends in crime, and if there have been any foreclosures around your property.Learn additional tips at http://www.mortgagebroker247.com.au/

mortgage-brokers

You want to deal with someone who knows every client isn’t always going to get what they want but they might get you what you need. They will have the tools to help you with your property needs. And they will make sure you get the best deal because their business depends on the successful closure of your property. Most agents who deal with property management firms have a long-term relationship with property owners. They will even go out of their way when it comes to changing markets and let you know when it is buyers or sellers market and not just something they throw out there because they want to get paid as well.

Finding the right agent to get the best deal for your property will take a little work. Listen to people who have sold property recently and don’t be afraid to meet with the agent. If they agent doesn’t want to take the time to talk to you about your property, they are not going to be helpful when you need to sell. A good agent takes time with people. They are always closing, but doing it subtly and not being pushy about getting your business.

A mortgage liaison is someone who understands the real estate market. They have studied the mortgage processes, understand the government and conventional loan applications and can aid in secure the right loan for people. They have a thorough knowledge of the current trends and reasonable interest rates. A tenant buyer is someone who has a vested interest in a landlord’s property. Usually, it is someone who lives at the property and is familiar with the lease options on the property. They have a mutual interest with the landlord and are willing to keep up on the property. They may want to stay in the home and purchase it outright from the owner.

If you are a tenant and think you want to buy the property from your landlord, you ought to consult with a mortgage liaison. The mortgage liaison will be the go-between with the property owners because sometimes the owners are not readily available. They will contract with the mortgage liaison to help in the contract negotiation with the tenant. There is a loan application process when it comes to any significant investment. The tenant may have some prior financial worries that prevented them from purchasing property in the past from mortgage lenders.

The mortgage liaison can help interpret the tenant’s concerns and ease the application process when it comes time to negotiate a deal with the property owner. They have a vast knowledge base they use to help the tenant keep track of all the business transactions throughout the process as well as keeping up-to-date on the real estate trends, and the paperwork process involved in purchasing from the landlord.

A lot of the work needed from the tenant can be handled over the phone. Other than filling out the essential application, many of the questions can be dealt with through email or phone and the mortgage liaison will contact both the tenant and the loan officer. Much of the business today is done over the phone or through the Internet. A mortgage liaison is the right choice when the tenant buyer needs to get in touch with a lender.

mortgage liaison

A mortgage liaison has the education and experience that will aid the tenant buyer throughout the entire process. They take the worry out of purchasing for the tenant and help the tenant understand what to expect, as well as what they need to have when they are ready for the loan application. Many people today rely on renting rather than purchasing the property.you can continue reading more facts about mortgage at http://business.financialpost.com/news/economy/housing-crash-in-canada-could-cost-mortgage-lenders-almost-12-billion-moodys-warns

Property owners sometimes need to unload real estate, and if the current tenant in a home has shown they are the right fit for the property, it might be in the best interest of the landlord to have a mortgage liaison contact the tenant to see if they are interested in purchasing the property. It’s as simple as a phone call and the right few questions. A good mortgage liaison will know how to broach the subject without being pushy. Take a little time and talk to a mortgage liaison to see if they are the right fit for you.