As a homeowner with a mortgage, you have a financial vehicle that can be adjusted to maximise benefits to you. Do you know how to leverage it to speed up your path to wealth? Did you know that loans are opportunities for wealth making, and not to be a burden on you? When Should You See a Mortgage Broker?
Here are some insights:
Refinancing
Review your mortgage and speak with a Finance Broker with an option more suited to your needs. This is also a chance to consolidate your debts, pay down the mortgage faster with a lower interest rate or access equity. Equity is the difference between the property value less the mortgage and any other linked loans or costs. Equity can be used to renovate or buy an investment.
Before initiating an application to refinance talk with your broker for an objective assessment of your needs, your goals and current financial scenario. A new deal you find might look attractive because of lower interest rates but be very careful of the complex fine print.
Finance Brokers
A finance broker will save you time, not to mention lots of money and pain. The choice of finance vehicles out there are numerous. A professional will know which ones are tricky, which ones suit you and which ones can be leveraged to the maximum of your benefit. They have done the research, they know the options, and they have commercial power to negotiate rates down.
Many products offer a great deal on the front page. However, the fine print might cross-reference causes for penalties, or fees and charges that are hard to decipher. Or flexibility might be limited, which hamstrings you in the future. With a finance broker, you will not sign up for a loan that hurts you financially in the future.
The best deal is not necessarily the cheapest deal; they often come with a sting in their tail. A good finance broker will find you a loan that helps you build wealth. But, remember, only work with a broker who is MFAA registered.
Want to find out how to choose the right finance broker for you? We have gathered our top tips to help you find your ideal finance broker, which you are welcome to download here.
If you need any additional information about what can you do with house equity that is not covered here, contact us today. We have depth and breadth of expertise and experience to leverage your loan vehicles and accelerate your path to wealth.