Is Your Home Working for You or Against You?

June 23, 2016
Amanda Paterson

Picking the Brain of a Mortgage Broker, Penrith

Most of us are on the lookout for ways to improve our financial picture.  Shifting the balance to having more assets than liabilities is one way to grow the bottom line more quickly.  The biggest asset that the majority of people own or are in the process of owning is a home. 

A good start to a healthier bank account is to purchase a home (saving all that money on rent) or refinance an existing mortgage, but are you leveraging your home as your biggest asset, or is it more of a liability?   By following the sound advice of a mortgage broker like Mortgage Choice Penrith it will be much easier for you to find the answer.

Securing the Best Home Loans, Penrith

According to the 2011 census information, the population in Penrith was 11,813.  Of that number, approximately 24.3% of the population is in the process of securing a home loan or mortgage. 

 If you fall into the majority of people actively searching for the best home loans to purchase in Penrith and surrounds, can you be sure you are asking all the right questions? 

 For those who are about to purchase their very first home, going through the process alone can be intimidating.  It may simply be a matter of not knowing the right questions to ask, or being unaware of the options out there.  

Saving Time and Money with a Mortgage Broker, Penrith

In order to make the best decision for one of the biggest investments of a lifetime, there are many factors to consider.  How long will it take to gain equity in the home based on the interest and other fees associate with the home loan mortgage you select?  Are there different types of loans based on the type of home?  What kind of a deposit is required? 

 To save a lot of time, frustration and ultimately your hard-earned money, talking to Paul at Mortgage Choice, Penrith, can give you a strong edge and the ability to make an informed decision before signing any long-term binding contracts with the banks. 

 What if unfortunate financial circumstances have left you with a bad credit score or you've been turned down for financing in the past?  What options are available in those situations? 

 When choosing a mortgage broker in Penrith and/or surrounding areas, you want to work with a company that has a proven track record of helping people select just the right home loan.  A company whose representatives can sit down and explain to you the benefits and disadvantages of the different types of options based on your income, lifestyle, short- and long-term goals in a language you can understand.

When to Refinance Existing Home Loans, Penrith

Approximately 21.6% of Penrith residents already own their own homes.

If you fall into this category, congratulations!  However, is it possible that there is a better lending rate available for you to either lower your monthly mortgage payment and/or increase the existing equity in your home?

There are a lot of factors to consider when deciding to refinance an existing mortgage.  A good intention of trying to save money through refinancing existing home loans (Penrith area) can end up being a bad financial decision if you really don't understand when it makes sense to look at other interest rates or loan terms.

When it Makes Sense to Refinance an Existing Mortgage

The average median age in Penrith is 37 years old, which is just about the right age at which an expanding family needs to add on to an existing home, or living expenses can increase and lowering the monthly mortgage payment can make a big difference. 

 Other factors to consider are tax implications, whether the monthly payment is locked in at a certain rate for the duration of the loan, and how long you plan to stay in the home, to name just a few.

Purchasing a Home or Refinancing with Mortgage Choice, Penrith

 One of the smartest moves you can make when it comes to improving things for you and your family is to ask the right questions and make sound financial moves.   If you aren't feeling confident that you are qualified to make the best possible decisions when it comes to securing a home loan mortgage or refinancing option, you should find someone who is an expert in the field. 

 Paul Holland, who has been your local mortgage broker based in Penrith for over 5 years, who employs trusted and top-notch professionals who know the industry, the market and can give you honest advice about securing the best deal to purchase or refinance your home, can certainly help you turn a potential liability into an asset.

Letting experts in the field address these concerns and questions not only gives you peace of mind, but provides a sense of security knowing wise decisions made now will pay off handsomely with a solid financial future. Call Paul at Mortgage Choice Penrith on 02 4789 0808 today to discuss your home loan options.

Posted in: Home loans

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