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There are many different products on the market, with many of them claiming to offer the best mortgage rates around. However, there's only one way to be truly sure which is the right one for your needs, and that's to carry out a thorough search of the market.
The good news is that this doesn't have to be a time consuming process. With a mortgage broker on your side, you can let them carry out the mortgage comparison on your behalf, freeing up your time to be spent elsewhere.
What does a mortgage broker do?
One of the biggest problems that people face when trying to find the best mortgage is that they attempt to assess the whole market. With literally hundreds of different home loan providers, this can be both time consuming and impractical.
On the other hand, if you don't look at a wide range of products, then how will you know which is the best mortgage for you? This is where the services of a mortgage broker come in useful.
Rate City will carry out a mortgage comparison on your behalf. We have access to more than 2,000 different home loans and work with lenders across the country, both big and small. All you need to do is give us some information, such as the amount of the loan you want to apply for and whether you want a fixed or variable rate product, and we'll narrow down the comparison to a range of suitable providers.
It's worth bearing in mind that while we can offer you a selection of home loan products, we won't be able to make specific recommendations. The only person who can decide which is the best mortgage for you is you - we're just here to make the whole process easier!
How do I decide which is the best mortgage for me?
There are various aspects of a home loan you'll need to consider when weighing up whether it's the right one for you. Among the questions you should be asking yourself are:
- How long will I need to take out the loan for?
- Is it a fixed or variable rate product?
- What will my repayments be?
- Are there any restrictions I need to be aware of?
- Can I sustain a good lifestyle while paying off this mortgage?
- Are there any added fees that I need to factor into my calculations?
- Can I make any additional repayments if I want to?
Remember that while asking for advice from friends and family might be useful, it shouldn't form the basis of finding the best mortgage for your requirements. Everyone is different, which is why your mortgage comparison is so important.
What are the next steps in finding the best mortgage?
It's also a good idea to take a look at the Rate City Home Loan Guide, which will give you further information on what you should consider when choosing the best mortgage for your needs.
Once you think that you've found the right product, it's time to sit down and take a look at the terms and conditions. There will be plenty of fine print to go through, and it's critical that you understand it as thoroughly as possible before signing up for the product. This way, you can avoid any unpleasant surprises further down the line!
Everyone's situation is different, which is why you must put in the necessary legwork before making that all-important application. While carrying out a mortgage application might seem difficult, with the right preparation and research, it could be easier than you think. If you are uncertain still, a good mortgage broker can help you through the process.