Five Reasons why NOW is a good time to chat with your mortgage broker.
It takes time to organise your finances.
The spring selling season is about to begin.
Have you reduced the lenders risk on your loan?
Changing Financial Circumstances.
Renovating your property
It takes time to organise your finances.
As an expat, when you apply for a mortgage a lenders assessor can only view your bank statements and credit card statements to develop a view on whether to give you a loan. So, what would they see? A lender will require three months of statements, showing your pay being deposited and three months of credit card statement, so, this means that for the next three months you might need to become more frugal with your spending and reduce your credit card and personal debts! You might also have to restructure your finances, pay out a personal loan or sell a property. For many, it can take some time to be in the right financial position to purchase a property. Chatting with your mortgage broker can help you prepare now for the November and October or February and March's selling season.
2. The spring selling season is about to begin.
So, you have your finances in order and are ready to obtain pre-approval and start looking for your desired property. Depending on the lender, arranging pre-approval for a home loan takes, on average, can take seven days to 3 weeks. Luckily, your pre-approval lasts for at least three months, depending on which lender. The next peak period traditionally is October and November, with the most fresh stock coming onto the market. So, NOW is the time to chat with your mortgage broker so you can be in the best possible position to make an offer for a purchase or having the funds available to purchase at an auction.
3. Have you reduced the lenders risk on your loan?
You have purchased well, you may have made some improvements, the market may have increased in value, so your Loan Value Ratio (LVR) has improved. This creates an opportunity! Your mortgage broker might be able to negotiate a better deal for you to help save you money or access the equity in your property. You might have enough equity in your property to purchase another investment property. Many options can be explored.
4. Changing Financial Circumstances.
Economic conditions constantly evolve and your financial situation may have changed since you first took out your mortgage. Speaking to a broker can provide insights into how your new financial profile might help you secure better terms, and your mortgage broker will be able to see if they can save you money. You might also want to switch lenders to have better features like a streamlined banking app or better customer service.
5. Renovating your property
You’ve decided to keep your current dwelling but want to unlock the equity in your property to renovate and upgrade it. With construction industry prices becoming more stable, now may be a good time to explore your options for refinancing and unlocking some spare cash to increase the capital value of your property.
If you’d like to learn more and discover how to maximise your financial situation best, contact Adam Kingston for a 30-minute complimentary meet-and-greet session to unlock your property purchasing potential.
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