If you’re in the market for a home loan, there’s one thing you can’t afford to be: complacent. In the same way that you would shop around for the best price on a new TV or computer, do some research before you commit.
Think about it this way, if you just saw the doctor and he told you that you need a costly and extensive surgery, you’d probably want a second opinion right? That’s the way you should be when you’re looking for a mortgage. Even if you’ve been pre-approved on your home loan, are you really sure that’s the best deal you can get?
So should you get a second opinion on your home loan through another mortgage broker? The answer is yes, and here’s why:
Interest rates
The great master of the sealing a deal, Donald Trump, talks about the idea that the price you actually pay for something should be the least of your worries in a transaction. The most important thing is how the deal itself is structured. You could have been quoted a wonderful interest rate by the mortgage broker or bank, but if your situation isn’t a straight forward one, the best interest rate could be absolutely the worst loan for you. Interest rates are important, but they aren’t everything. You should always try and get the best interest rate that suits your budget, and that’s why you need a second opinion.
Other things to consider
Here’s why you may need a second opinion. You may not have taken the following into consideration:
Would it be a better idea for you to decrease your deposit amount and use your cash to reduce credit card or personal debt instead?
Are you going with a variable rate or fixed rate mortgage, and which will best for you?
Always get a second opinion, especially if you aren’t completely sold on your current bank or mortgage broker. Shop around and don’t just settle for the convenience of going to a bank or a mortgage broker that is mediocre and will ‘get the job done’. Good brokers are highly qualified professionals that have a diverse background and experience within finance and the real estate market. It is recommended to chose a broker that truly understands your need to ensure you’re getting the best recommendations and structuring advice.
For an honest and unbiased second opinion, talk to Wholistic Finance today on 0427918232 or email daks@wholisticfinance.com.au
