FHA 203k Mortgage, FHA 203K home loan

FHA 203k REHAB Loans

With an FHA 203k loan can I remodel or improve ? 

Yes, Any or all of the following:

Paint Repair a kitchen Add a deck or patio Insulate for greater energy efficiency Replace flooring ie tile, carpet, etc Add a bathroom, replace a bathroom Finish a basement Replace windows (for which you can get a nice energy credits well) Replace Appliances ie stove, furnace, water heater…energy credit  Add central air (again energy credit here) And Much More

For the Florida home buyer the FHA 203K mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

APPLY NOW AT    http://www.fhamortgagefhaloan.com/

 What Can’t you do with an FHA203k mortgage loan?

Put in a pool or an ice skating rink Add a Theater Room and all the equipment (you could get away with the room) Any other Luxury item, like gold plating the baseboards Putting in a yard

So what do I have to do to get one of these FHA 203k loans?

There are hoops to jump through to qualify .

Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify) The house must have been completed for at least 1 year , no new construction houses, sorry You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed) You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home. Repairs and addition must have the proper permits, inspections and be done to code And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can afford that million dollar home. You must still have your 3.5% percent down payment for the entire purchase price (home + rehab money) 

Do you have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for. 

Don’t forget if you are a first time homebuyer, you can have the 00 tax credit working for you too!

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Steps To Getting A Mortgage And Buying A Home – Part 2

Buying a new home is not just about researching mortgages and applying for mortgages, theres the important step of moving in. As you read this article, you will find out about the crucial phase of actually buying a home and moving into your new home.

In this buying a home article, you will learn:

* About the negotiation of buying a home

* What does a solicitor do in the process of buying a home

* Property valuation and surveying

* Completing the mortgage application

About the negotiation of buying a home:

The negotiation process is one which for the first time home buyer, is not one which you are likely to excel at. Negotiation is an art which some people have learned to master, while others who are new to negotiation do not always get the best deals.

The dynamics of the negation is this: the home owner has a property, and wants to get the most money he or she can. You are a potential buyer, and want to get the lowest price possible. The degree that you are a better negotiator will determine how lower you buy the property for, and the more skilled the existing home owner in the art of negotiation, will determine how much more he manages to get out of the deal.

The last paragraph may make you think whether you can really get the best prices for the property. However, there is a way to make life easier when negotiating, and that is with a bit of research.

To be able to get the best price a suggestion is to look at similar style properties in the area you are thinking to buy a home in and look at the prices. That way, you can make sure that you are getting the real estate at least at the market value or around there.

What does a solicitor do in the process of buying a home:

After you have found your new home to buy and started the negotiation process, you can now look to finding a solicitor. A solicitor will help you with all the paperwork necessary in the process of buying a home. Some people have mixed views at this point, some like to apply for the mortgage, while others like to appoint the solicitor first.

Appointing the solicitor in the beginning can save a lot of hassle later on in the process of buying your new home. Now you can apply for the mortgage.

Property valuation and surveying:

Even though properties in the area may have a similar price, there are some things we do not know about the property. Is there any structural damage? Are there any unseen expenses, which is why the seller is planning to sell?

The property valuation and surveying will bring out how much the property is worth. Before a mortgage lender will agree to give you a mortgage, they will need the valuation and surveying done on the property. The real estate professional fees for valuation and surveying vary, and again research can help you find the best prices.

Completing the mortgage application:

At this point most of the hard work in the process of buying a home has been accomplished. You now can speak to your mortgage lender and get confirmation that they are willing to give you a mortgage for the sum needed to buy the home.

The process of buying a home can be a hard one, for the first time. If you have aspirations to buy more than 1 property, then the first time experience will be beneficial to you, in the future. When the mortgage lender gives you written confirmation, and the property taken off the market, mortgage finalized, then you can look forward to moving in!

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Why Use An Adverse Credit Mortgage Broker?

Researching, comparing and choosing a mortgage is difficult at the best of times. When you have credit history problems, obtaining a mortgage can seem almost impossible. That?s why it helps to use an adverse credit mortgage broker. With qualifications and experience in the market, a good broker is ideally placed to help you find a mortgage that suits your circumstances.

Can I trust an adverse credit mortgage broker?

It?s easy to understand why people may be worried about getting advice from an adverse credit mortgage broker, particularly if they have had bad experiences with financial institutions in the past. Brokers often get paid in commission ? so they will receive money from the lender whose product they have sold, and the commission will vary from product to product. This has, in the past, led people to believe that brokers would only recommend the products that earned the highest commissions. Fortunately, this is not now the case. An adverse credit mortgage broker must be regulated by the Financial Services Authority in order to remain in business. Regulation involves a detailed process which means that the FSA must approve the broker?s policies and working methods. The broker also has to commit to working to a set of guidelines that are designed to protect the consumer at all times. Part of this regulation means that the broker must provide you with a written document detailing their advice, together with illustrations of how the products will help you. This will allow you to come back to the broker with written documentation should anything go wrong. In addition, some adverse credit mortgage brokers are opting to be paid in a combination of commissions and fees. This may mean that, like a solicitor or an accountant, they may charge a fee for their advice. Bear in mind that the broker may be able to get a better deal for you than you could get on your own, and will offer practical advice, so it could still be worth your while to pay the fee.

What can an adverse credit mortgage broker do for me?

Whilst you may begin your search for a mortgage by looking in the paper, or talking to one or two high street banks and building societies, you won?t be able to see the full range of mortgages available to you. The number of people with bad credit history who require a mortgage has grown to the extent that new products are being constantly developed for this market. This makes it difficult for the person on the street to have access to all the possibilities. An adverse credit mortgage broker not only has experience in placing these types of mortgages, but will also usually have access to most of the products on the market. In addition, they will have contacts with the lenders, which means that should you encounter any problems with your application, your adverse credit mortgage broker should be able to help you resolve them and even negotiate on your behalf when it comes to the restrictions that may be imposed on you.

How can I choose an adverse credit mortgage broker?

As with all financial advice, the way the broker deals with each client is extremely important. A reputable adverse credit mortgage broker will want to find out exactly what position you are in, whether you have applied for an adverse credit mortgage previously, and look at how you are managing your current debt problems. They will also want to know about the sorts of property you are looking at and the amount you need to borrow. Brokers who don?t show any interest in your circumstances are unlikely to be able to give you useful or accurate advice.

In addition, you should always make sure that the adverse credit mortgage broker you are approaching is regulated by the FSA. This means that they are working to national guidelines, and that you will have a point of contact should anything go wrong. A broker who is not approved by the FSA should not be giving advice to consumers at all.

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Mortgage Brokers – What Are They?

A mortgage broker is an individual which acts as a middle man between lenders and borrowers. A skilled mortgage broker can look at a variety of different loans to find one which suits the needs of the borrowers. Once they have found a mortgage which meets the needs of their clients, they are then paid a fee which is a percentage of the money loaned.

What Is A Mortgage Broker’s Purpose?

If you don’t have the time to look for a good mortgage, a mortgage broker can assist you. Looking for a good mortgage requires you to contact a variety of different lenders and compare the interest rates on different loans. You will also need to know about the different fees and closing costs which will be included with the mortgage. This can be tedious and time consuming, especially if you are a very busy person. A mortgage broker should be able to perform all of these tasks, saving you a lot of time.

Poor Credit? A Mortgage Broker May Help!

If you have a less than perfect credit history you may have trouble locating a mortgage at competitive interest rates. Using a mortgage broker in this situation may allow you to find better deals than you would find on your own. Many banks aren’t flexible with down payments, and a mortgage broker can find companies and negotiate a down payment which is much lower than you would find at many banks. If you don’t like negotiating deals, mortgage brokers may be an excellent choice for you.

Speculate To Accumulate

While using a mortgage broker may sound expensive, it is often a lot cheaper than the price you would pay to use the services of the lender in locating a good mortgage. If you are able to get a lower interest rate by using a broker, this is more money you will save. At the same time, you can run into problems if you use the wrong broker. Below are some things to look at when choosing which mortgage broker you want to use.

Shopping Around For The Best Deal

You should first talk to multiple brokers to compare their services and fees. You should also ask them for references. A mortgage is a serious part of your financial picture, and you can’t afford using brokers which will not give you the best service possible. All of the fees charged by the broker should be explained up front. In fact, you will want to make sure they are put in writing. The price a broker charges will typically be between the retail and wholesale price of the mortgage.

Many brokers will mark up the price of their services. You should look at multiple brokers to make sure the prices are comparable. If one broker has a much higher price than another, this typically means they are marking up their prices to get the highest commission possible. It is also important to make sure you read the agreement carefully. Ask about any terms you don’t understand.

Reading The Small Print

You should also make sure all the information on your application is accurate. Make sure the broker doesn’t add information which is inaccurate or false. Once you have found a service you’re interested in, go back to your bank or other lending institutions to see if they are willing to beat the price. You should also only borrow the money you need and keep a close watch on interest rates.

If the mortgage broker charges you for locking in a certain interest rate, make sure you get a copy which shows information from the lender. Mortgage lenders have been known to keep the fees they charge for locking in interest rates. You should also make sure the loan you get is the one which was promised.

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Why you should consider using a mortgage broker

Mortgage rates and fees vary from lender to lender, and it’s not always easy to compare all the details to find the best deal. Mortgage brokers help consumers sort through all those details and find the best mortgage solution possible, often through resources and connections that an ordinary consumer does not have access to. Using a broker can save both time and money. The broker is very familiar with the industry, and can be a valuable asset to a home buyer looking for a good deal on a mortgage. In addition to having substantial connections, the broker will have good insight into the process and how best to qualify. The broker will often have close connections with lenders, who view a good broker as a valuable customer and will sometimes make special rates or discounts available to brokers that are not available to the general public because of this leverage.

Because mortgage brokers make the process simpler for their customers, many loans in Australia are initiated by brokers. There are many reputable brokers in every state. Choose one with a good reputation and that is in good standing with the Mortgage Industry Association of Australia (http://www.miaa.com.au), a self-regulating body that imposes a set of ethical best practices on all of its members.

Look for an independent and unbiased broker. Of course, one expects a broker to receive a commission for their services, but some brokers attempt to sell mortgages with high fees that are not in the consumer’s best interest, in order to receive higher commissions. The Australian Securities and Investments Commission (http://www.asic.gov.au) has cracked down on brokers that advertise that they are impartial when they are not. The ASIC recommends that if a consumer plans to use the services of a broker, to first look around to get an idea of existing rates, to be informed enough to know if they are receiving a good deal.

In the past, there has been some reluctance to use mortgage broking services because of the lack of regulation. Financial services of all types tend to be heavily regulated, and for good reason. Consumers must be protected against unscrupulous and predatory operators. And make no mistake, there are predatory mortgage brokers, just as there are predatory members of every segment of the financial community. Nonetheless, most are honest and provide a useful service. And more recently, there has been significant attention on the mortgage broking industry, and Australia is in the midst of a regulatory overhaul designed to keep mortgage brokers on an even keel.

Presently, the mortgage broking industry is regulated by individual states. Check with your local government regulatory agency to determine qualifications, and check on your broker’s status. In a report to ASIC, The Consumer Credit Legal Centre (http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/finance_mortgagebrokers_report.pdf/$file/finance_mortgagebrokers_report.pdf) highlighted some of the differences between states. NSW, Victoria, ACT and Western Australia have more specific broker legislation, but not all states have a licensing scheme for brokers. National regulation would impose stricter regulations throughout the country, to ensure that consumers are protected. In the current regulatory environment, brokers are even more aware of their need to operate above-board and honestly.

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Mortgage Brokers Can Help Us

If you are not conversant with the real estate market and buying a home for the first home, you need to understand how the mortgage system works and what type of mortgage is best suited for your needs. The right thing to do is to consult a good mortgage broker. By combining professional expertise with access to many different lenders and hundreds of home loan products, a mortgage broker will be in a fit position to render you the right advice. He will suggest an efficient and cost-effective method of selecting, negotiating and organizing your home loan options. The question may be asked why to use the services of a mortgage broker instead of going directly to a mortgage lender. When you apply for a home loan with a mortgage broker you are effectively applying for a loan with all the lenders the mortgage broker works with. Thus you provide yourself with a wide choice of lenders. To help you choose the one you are most comfortable with.
Any home loan is a long term liability. The easier and softer the terms the more comfortable you will be in discharging your liabilities. It is for a mortgage broker to identify the cheapest possible deal, with the right features, which matches your personal finance situation.  First to assist you find the right lender, then seeing it through to settlement, helping you at every stage along the way. Brokers can help you analyze and make a comparative study of hundreds of different loans and then identify the one that is most compatible for you. The broker will be there to assist you throughout the entire process of securing your home loan.

There are some distinct advantages particularly for seekers of home loans. A mortgage broker will not charge you for his service and, as a matter of fact, they will see you by appointment at your home or office. They are only paid by the lender when the home loan settles. The interest rate you pay on a loan will also not be different even if you had gone to that lender yourself.  The lender is not going to deduct from your loan amount whatever he may pay the mortgage broker.  Further, the mortgage broker will do all the research and running around to complete every step of the application process for you. This saves you a lot of botheration and the inconvenience of commuting frequently to the mortgage lender. It is not necessary that you should only opt for the lender your mortgage broker suggests. He will be willing to negotiate and finalize the deal even with a lender of your choice. All mortgage lenders know that it is the broker’s job to get his client the best terms and therefore it is entirely possible that a broker can get you a better deal with any lender than if you negotiate directly with lender.

The mortgage broker receives lending rate quotes daily from wholesale lenders, both local and out of area.  Please remember that the mortgage broker is the representative of the borrower and not the lender and it is always his endeavor to find the program suited to the needs of the borrower and not the program that benefits the lender. The world of mortgage lending is one of constant change and the local mortgage broker will be keeping track of these changes to provide the maximum professional service to their clients. They believe that professionalism is only achieved by having the latest updated product knowledge and an intense commitment to customer satisfaction.

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How to Find Canada’s Best Mortgage Broker

Now, perspective home owners do not have to worry. Finding quality mortgage loans in Canada is assured, and the credit goes to all the professional and certified Canada mortgage brokers. This is because, these mortgage brokers aid you in finding the most beneficial mortgage loans from commercial banks and financial institutions. It is even possible to get low rated mortgage loans from these mortgage brokers.

Canadians may simply visit any reliable mortgage broker in their area to ask for a suitable mortgage credit. Another easy way to find Canada’s best mortgage broker is browsing through Internet web sites. Many mortgage brokers of Canada have established their own web sites over the Internet. These web sites provide all the essential information such as mortgage credit and its terms, conditions, tenures and so on. Hence, borrowers just need to log into their web sites to get the contact details of such mortgage brokers in Canada.

The majority of the Canada’s mortgage brokers do not charge a hefty amount as their fees. However, if borrowers follow certain procedures, they may possibly find Canada’s best mortgage broker.

Effective Tips to Find Canada’s Best Mortgage Broker:

Choose multiple mortgage brokers and arrange meeting with each of the selected brokers. However, before meeting them, ensure to ask them about their fees. Go to those brokers who disclose the charges, since such brokers are often professional and reliable.

Moreover, when borrowers pay the amount to a mortgage broker, they actually pay broker fee as well as wholesale credit rate. Hence, if the mortgage brokers reveal their fees, the borrowers can get familiar with their wholesale loan rate as well. Thus, it helps them (borrowers) to find whether they are subjected to heavy charges or not.

Mortgage brokers who refuse to reveal any of the necessary details confirm that they are unreliable and are trying to make additional profit. Such mortgage brokers will not disclose the fee amount unless the applicants submit their forms and when they divulge, it is often very late.

Apart from these, people also need to check whether the mortgage brokers have a connection or relationship with major banks, trusts, or financial institutions. If mortgage brokers have a connection with many banks or financial institutions, then they will give fruitful and essential details about the various mortgage rates and plans.

Consult the mortgage brokers and ask them about personal mortgage requirements. It is also necessary to inform them about impending or existing debts (if any). Since, it helps them to check the credit history of a person, and find a suitable mortgage loan according to the satisfactory criteria.

Find out how a car broker service can save time and money on the purchase of new cars in Australia
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FHA mortgage FLorida, FHA home loan Florida, 97% Finanacing

All about FHA Loans –

Buying a Florida Home is easy with FHA.

The FHA loan program was created to help Florida homebuyers qualify for home. The  FHA mortgage program makes buying a Florida home easier and less expensive than other types of Florida home loan programs. Some highlights of the FHA loan program include:

 Minimal Down Payment and Closing Costs.

Florida buyers only need a Down payment less than 3.5%. Gifts from Family and Friends  for down payment OK! No reserves or money saved in the bank is required. FHA regulated closing costs. Seller can credit up to 6% of sales price  your costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 530. FHA will allow a home purchase 2  years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure.  \

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

 Apply now at www.FHAmortgagePrograms.com

These advantages of the FHA loan program has made it one of the best options for Florida homebuyers

Qualify today at: http://www.fhamortgagefhaloan.com/

Florida FHA Mortgage Qualifying Summary

FHA loans are the easiest type of Florida mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all Florida mortgage and home loan programs and only require less than 3.5% down payment.

Following are  the basic FHA home loan qualifications.

2 Years of stable predicable employment, college counts towards 2 year. \ Last two years Income should be the same or increasing. Credit report should typically have minimal collections over the past 12 months. Bankruptcy’s must be at least 2 years old, with No late payments since discharge. Foreclosure’s must be at least three years old, with perfect credit since. Your new Florida mortgage payment should be up to 35% % of your gross monthly income or your before tax income.

These are some of the most basic of FHA guidelines for qualifying for an FHA loan in Florida .  If  you have answered yes to most of these statements then you will qualify for an FHA home loan. visit: www.FHAmortgageFHAloan.com for a pre approval on your next Florida FHA mortgage.

FHA Loans – Income Qualifications

The FHA mortgage loan is to assist Florida homebuyers to purchase Florida homes and refinance existing Florida mortgage loans. Therefore the income qualifying guidelines are more flexible than  any other conventional mortgage program.

One of the first questions Florida lenders will ask is How much can the mortgage applicant afford each month for the housing expense. Florida mortgage lenders use debt to income ratios to determine a mortgage applicants capacity. This information helps the Florida mortgage lender decide whether you can comfortably afford a Florida home loan.

When you apply for a Florida mortgage, lenders will need to know your gross monthly income, the income before you pay tax,, including overtime, bonus, commissions, dividends and any other sources of monthly income that is fully verified and considered stable and predictable.

Your monthly housing expense as a percentage of your total gross monthly income is called the housing expense ratio. FHA suggests to spend no more than 35% of your income on your mortgage payment including principal, interest, tax and insurance. Calculate what your new monthly mortgage payment should be by using the formula:

Take your Gross Monthly Income and (X) by 35% = your Max monthly Mortgage Payment

In addition to your ability to make your monthly mortgage payment indicated by your debts and income ratio, Florida FHA mortgage lenders will look at your ability and willingness to repay your Florida mortgage as indicated by your credit report. Your willingness will be judged by your credit report records — that is, how well you’ve paid your home  loans and other monthly obligations  in the past.

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Mortgage Broker : Translator, Negotiator, and Ally

Purchasing a home can be a confusing time for first time home buyers. In the game of the purchasing and selling of Real Estate there are 5 main players. The buyer, seller, their respective real estate agents, lender, and most importantly, the mortgage broker. A mortgage broker is more than just the individual who sets up your new loan. They are also the only player in the game that truly has the buyer’s best interest in mind.

Mortgage Broker: The Translator
Not everybody has a background in real estate and mortgage brokers understand that. While initially setting up your loan, your prospective lender will require certain documents from you and/or about the property you are purchasing. Some of these documents may include, a marketable title, a preliminary HUD-1 statement, and a 1003. As a first time home buyer, you will need a mortgage broker to convey these in layman’s terms to you. Thankfully, mortgage brokers are well versed in the vocabulary used by real estate agents, lenders, and even title companies.

Mortgage Broker: The Negotiator
For those of us with less than perfect credit, obtaining a mortgage straight from your local bank can be frustratingly futile. Banks look solely at the bottom line (i.e. your credit score) to determine whether you are eligible for a mortgage loan or not. A mortgage broker has access to several lenders at any given time which allows them to navigate what each lender can offer you. Not the other way around. Additionally, mortgage brokers will negotiate interest rates and loan terms on your behalf to the lender; considering your best interests all throughout the process. The types of loans that are available (fixed, adjustable, hybrid) contain fine print conditions that could greatly effect your monthly payments. A mortgage broker can work with you to match your budget to the right type of loan.

Mortgage Broker: The Ally
Mortgage Brokers acts as a go-between for all of the parties involved in the purchase process. There are hundreds, if not thousands, of mini conversations occurring on a daily basis between all of the parties that you, as the buyer, are not aware are even taking place. Some of these conversations are about how the lender may need more information to go forward or how the title provided to them by the seller has certain liens that concern them. The broker will resolve these issues on your behalf so as to not worry you with every little detail. This is a huge asset to having a mortgage broker. There are numerous tasks for a first time home buyer to complete without having to deal with every item that may come up in the purchasing process. Most importantly, mortgage brokers do not keep typical “bankers hours” and have multiple means of contacting them, such as office number, mobile number, and email address. Because although you may not want to be involved in every minor occurrence in the process, you would still want to know that your issues can be resolved when and if they arise.

The mortgage broker is an integral player in the game of real estate and can be a first time home buyers best tool in having a smooth closing transaction. Purchasing a home is a celebrated event and a mortgage broker; no matter how many loans they have completed, can still appreciate that fact.

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Cheap Home Loans are Still Out There ? Speak to a Mortgage Broker for the Best Deal!

Recent surveys of those borrowers who use a mortgage broker to find them a cheap home loan, a more flexible home loan or new car finance show that around 95% of them are extremely happy with the service offered by the mortgage broker or lease broker. As a general rule, if you retain a mortgage broker when looking for a cheap home loan as well as one that is flexible, or a lease broker when you are in the market for new car finance the chances are you will obtain not only a more competitively priced loan but one that offers you greater flexibility than that which you would have obtained if you had applied for finance yourself. Why is this? The fact is that a good mortgage broker will have access to a wide range of loan products and is familiar with the different terms and conditions offered on various home loan and car loan finance. Often borrowers are complacent when applying for finance. They take the easy and more familiar path being their existing lending institution or bank. Odds are that whatever is offered by your existing lending institution will be at a higher interest rate than a loan obtained through a mortgage broker. It is unlikely that you will obtain a cheap home loan or new car loan – lenders rely on your apathy and if they feel you are a captive client then they will rarely offer any favors. They are relying on human nature that indicates that no matter how dissatisfied one is with one’s lending institution it takes a long time for a borrower to make a decision to actually refinance or move their business. With a mortgage broker checking out a range of lenders for home loan finance or a new car loan you will have a much better chance of securing the best and most flexible loan available out there. This could save you thousands of dollars – think about it – an interest rate saving in the current economic environment could keep your tank full or enable you a few more luxuries at the corner store. Another benefit of using a mortgage broker is that they know the track record of many lenders – which ones offer on-going service and look to build a good relatRecent surveys of those borrowers who use a mortgage broker to find them a cheap home loan, a more flexible home loan or new car finance show that around 95% of them are extremely happy with the service offered by the mortgage broker or lease broker. As a general rule, if you retain a mortgage broker when looking for a cheap home loan as well as one that is flexible, or a lease broker when you are in the market for new car finance the chances are you will obtain not only a more competitively priced loan but one that offers you greater flexibility than that which you would have obtained if you had applied for finance yourself. Why is this? The fact is that a good mortgage broker will have access to a wide range of loan products and is familiar with the different terms and conditions offered on various home loan and car loan finance. Often borrowers are complacent when applying for finance. They take the easy and more familiar path being their existing lending institution or bank. Odds are that whatever is offered by your existing lending institution will be at a higher interest rate than a loan obtained through a mortgage broker. It is unlikely that you will obtain a cheap home loan or new car loan – lenders rely on your apathy and if they feel you are a captive client then they will rarely offer any favors. They are relying on human nature that indicates that no matter how dissatisfied one is with one’s lending institution it takes a long time for a borrower to make a decision to actually refinance or move their business. With a mortgage broker checking out a range of lenders for home loan finance or a new car loan you will have a much better chance of securing the best and most flexible loan available out there. This could save you thousands of dollars – think about it – an interest rate saving in the current economic environment could keep your tank full or enable you a few more luxuries at the corner store. Another benefit of using a mortgage broker is that they know the track record of many lenders – which ones offer on-going service and look to build a good relationship with their customers and those who are less caring once they have the business on board. An international report in 2007 on bank customer satisfaction rated Australian banks 13th out of the 17 countries surveyed. The poll looked at bank branches, call centers, online and mobile banking and found Australian banks need to work on their customer service skills. One of the report’s authors, Peter Burns from the management consultancy Booz Allen Hamilton, says all banks need to remember their customers are human beings. In their determination to cut costs and maximize profit, banks have lost the human touch. Not only is it unlikely you will get a cheap home loan or competitively priced new car finance but it seems that it is also even less likely that you will see any personal service from the larger banks once you settle – it will be an automated answering service, they’ll know you as a number not a name and if you can actually get to speak with a human being, well it’ll be is a miracle. Make use of the services and professionalism offered by a good and well established mortgage broker. Check that whomever you are dealing with is a member of the industry body, MFAA and then go for it – you will get what you want be it a cheap home loan, greater flexibility or a great lease for that new car.ionship with their customers and those who are less caring once they have the business on board. An international report in 2007 on bank customer satisfaction rated Australian banks 13th out of the 17 countries surveyed. The poll looked at bank branches, call centers, online and mobile banking and found Australian banks need to work on their customer service skills. One of the report’s authors, Peter Burns from the management consultancy Booz Allen Hamilton, says all banks need to remember their customers are human beings. In their determination to cut costs and maximize profit, banks have lost the human touch. Not only is it unlikely you will get a cheap home loan or competitively priced new car finance but it seems that it is also even less likely that you will see any personal service from the larger banks once you settle – it will be an automated answering service, they’ll know you as a number not a name and if you can actually get to speak with a human being, well it’ll be is a miracle. Make use of the services and professionalism offered by a good and well established mortgage broker. Check that whomever you are dealing with is a member of the industry body, MFAA and then go for it – you will get what you want be it a cheap home loan, greater flexibility or a great lease for that new car.

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