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Home Loans: The Right Questions to Ask

People often come into the Toongabbie branch of Yellow Brick Road to review and improve their financial situation. We’re always looking for way to save the residents of Western Sydney money, but one place where people forget to look also happens to be their biggest household expense: their mortgage. And I believe the reason why people don’t look closer at their home loan is because the idea of refinancing seems too difficult, too confusing, or is perceived as probably not worth it for the effort. If you’re one of those people, it’s time to ask yourself some questions.


What’s my mortgage interest rate? In my experience, many people know what their monthly payments are, but they don’t actually know their interest rate. Do you? Take a look – if it starts with a “4”, you can probably do better and I’d advise shopping around.


What does the market say? The current market for variable rate mortgages runs from high three percent to over six percent. Three-year fixed rate mortgages range from the low fours to well over 6%. There’s a lot of difference, and with thousands of mortgages out there, so finding the lowest rate can be a real challenge. As your local mortgage broker, we can easily search through the all the different mortgages and find the one that’s the best match for you.


What could I save? Use the comparison sites to calculate several results. If you have a $350,000, 30-year loan with an interest rate of 5.24%, and you refinanced to a rate of 4.74%, you would save $107 a month and $38,480 over the life of the loan. As a mortgage broker, we can easily calculate your potential savings.


What must I have? Have a good repayment record with your current lender and ensure you are not currently in arrears. Also, know that if you’re half-way through a fixed-rate loan you may be charged a break fee to leave, but don’t worry we will factor this into the decision for you.


What are my other costs? A new lender will likely charge upfront fees, and there may be some costs to exit your mortgage. As a mortgage broker, we don’t charge for the services we provide as we are already paid by the lenders for setting up a new home loan.


Who do I see? Go to a mortgage broker directly as they have access to a whole panel of lenders and can compare hundreds of loans in the one place. Mortgage brokers are refinancing experts who know how to streamline the process. So make an appointment with your Yellow Brick Road mortgage broker in Toongabbie today.


How long will it take? The first step is to have a meeting with me at the local Yellow Brick Road Toongabbie branch. From there I can give you a full timeline of the whole process.


Is it worth it? Often, the answer is yes. I am here to crunch the numbers for you and show you all of your options.


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