MORTGAGE BROKER CARRUM DOWNS

Mortgage brokers and banks are both financial institutions that offer mortgage loans to borrowers. However, there are some key differences between the two.

First, mortgage brokers are independent, third-party companies that do not lend money themselves. Instead, they act as intermediaries between borrowers and lenders, helping borrowers find the best possible mortgage loan for their needs. Banks, on the other hand, are financial institutions that lend money directly to borrowers.

Second, mortgage brokers often have access to a wider range of loan products and lenders than banks. Because they work with multiple lenders, they can shop around for the best rates and terms on behalf of their clients. Banks, on the other hand, may only offer mortgage loans from their own institution.

Third, mortgage brokers are typically paid a fee for their services, either by the borrower or the lender. This fee is typically a percentage of the loan amount. Banks, on the other hand, earn money by lending money and charging interest on the loans they provide.

Overall, mortgage brokers in Carrum Downs can offer borrowers a more personalized and comprehensive approach to finding a mortgage loan, with access to a wider range of options and potential savings on interest rates.

Yes, it is possible that a mortgage broker in Carrum Downs could help you find a better mortgage rate. As or mortgage brokers in Carrum Downs work with multiple lenders, they can compare offers from a variety of institutions to find the best rates and terms for you. This can save you time and effort compared to shopping for a mortgage loan on your own. Additionally, our mortgage brokers have good relationships with lenders and access to exclusive loan products that may not be available to the general public, which could potentially result in a better mortgage rate for you. 

Yes, a mortgage broker, such as Will Bell, can help first-time homebuyers. Will Bell can provide personalized advice and guidance to first-time homebuyers, helping them understand the different loan products and rates available, and assisting them in choosing the best option for their situation. 

Overall, working with a mortgage broker can make the homebuying process smoother and less stressful for first-time buyers, and can potentially help them save money on their mortgage loan.

Typically, a deposit equivalent to 20% of the total house value is considered a good target. But, you may still secure a loan with a smaller deposit by taking out Lenders Mortgage Insurance (LMI).

Lenders Mortgage Insurance (LMI) is a form of insurance that lenders obtain to safeguard against the risk of not being able to recover the outstanding loan balance. This typically occurs when borrowers default on their loan payments, and the property is sold for an amount that falls short of the outstanding loan balance.

The majority of State and Territory governments extend stamp duty concessions to first-home buyers, and in certain instances, they may waive the requirement to pay stamp duty entirely. For example, in Victoria, first-home buyers are exempt from paying stamp duty if the property’s value is less than $600,000, and the contract was signed after 1 July 2017. Additionally, if the property value falls between $600,000 and $750,000, first-home buyers can benefit from a concessional stamp duty rate.