The real estate market seems to be on the recovery path after four years of falling property prices. According to the Housing Industry Association (HIA), bankruptcies and foreclosures are stabilizing. As a result, homebuilder sentiment and demand for properties is rising due to low mortgage interest rates that favor home buyers. Figures published by the HIA show interest rates for 30-year Fixed Rate Mortgages (FRMs) stand at 3.38%. Mortgage interest rates for 15-year FRMs stand at 3.35%. To benefit from these low-interest rates, you need guidance from a mortgage broker. Keep reading to learn how to choose the best mortgage broker.
This should probably be the first item on your checklist since a broker with years of experience in the mortgage industry is more likely to be reliable and have many contacts in the industry that would help to move things along faster. Also, an experienced mortgage broker can help you choose the right mortgage product by providing input on certain processes such as identifying a mortgage lender,pre-qualifying, and rebates.
A Good Financial Planner
If you take out a mortgage to buy a house, you have to keep your end of the bargain and make regular mortgage payments for the duration of the loan, which is usually many years. With that in mind, choose a broker who can act as a financial planner and guide you through mortgage aspects such as refinancing and interest rates. A broker with a …Read More