Why is my Mortgage Broker calling?
You’ve scored the home of your dreams with the help of your Mortgage Broker and you’ve just popped the bubbly to celebrate. Congratulations! When the bottle’s empty and you’ve settled into your new home, you’ll notice that your Mortgage Broker is still in your life, and you might wonder why – after all, they got you the loan and earned their commission. Why would they still care how you are going?
They know it’s a good idea to keep in touch every 6 to 12 months. After all, you should be reviewing your current loan every year and your Mortgage Broker can let you know how you’re tracking along.
Building a long-term relationship with your Mortgage Broker is a good idea as he or she will know the ins and outs of your circumstances and what you want for your future. Your Mortgage Broker will also stay on top of your account and, with expert industry knowledge, keep his or her ear to the ground for any new products or better interest rates that would benefit you.
Circumstances can change, leaving your home loan less suitable than it was originally. A quick and simple home loan health check could reveal that you’re paying too much! Your qualified Mortgage Broker can provide a comprehensive home loan health check for you, they can also check if your home loan is still competitive and suited to your individual needs.
Some of the most commonly asked questions by clients when conducting a home loan health check include the following:
Am I paying an unreasonably high interest rate?
Am I paying high fees?
Am I happy with the service I receive?
Does my loan give me the features I need?
Am I paying for features I don’t use?
Have my financial circumstances changed?
A home loan health check will cost you nothing and could save you thousands. Your home loan features could be improved or you could find yourself with a lower interest rate. A better deal could also be negotiated with your existing lender, making your repayments more manageable. Checking the state of your current loan could uncover the possibility of taking out additional finance, which can be used to consolidate debt or invest further.
As well as expecting to hear from your Mortgage Broker every 6 to 12 months, there are a few times you should contact them directly. This is because if your life circumstances can change quickly, which may impact your mortgage. For example, you may be welcoming a baby into your home, you may start receive a higher salary, your income may be temporarily reduced or you may decide to get married. You may want to refinance to a better a deal or consolidate your debts. You may also want to access the equity that you have accumulated in your home for a renovation, an investment or a holiday, all of which your Mortgage Broker can help you with.
Even the most seasoned of investors benefit from staying in touch with their Mortgage Broker, who can help them maximise returns later down the track. And if you decide to invest in property for the first time, your Mortgage Broker can help look for investment loan options to get you started.
Find a trusted Mortgage Broker who will be on your side long after the ink dries on your loan application.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.