Improve Your Chances of Getting a Mortgage

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

So, you’re thinking of buying your first house or you’re looking to move up the property ladder? If this is the case then chances are there will be one particular thing on your mind, a mortgage.

A mortgage is a loan that is used to buy a property, you pay this loan back over a number of years. There are many different types of mortgages such as a fixed rate, variable rate or interest only mortgages. The type you choose can depend on the price of the house or your current circumstances.

• Deposit – Deposits are a vital part of acquiring a mortgage. The deposit you pay can vary but it usually covers 5% of the overall cost. The deposit you provide will impact the deal you get. Usually the way it works is the bigger the deposit you pay the lower the interest you’ll be charged. Higher deposits can help to increase your chances of being successful in gaining a mortgage. This helps to show that your finances are in order.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts bill@loansociety.com.au; or call me on (0400) 032-110.

Thanks,

Bill Mitchell