Understanding Home Mortgages
What is a Home Mortgage?
A home mortgage, often referred to as a home loan or mortgage loan, is a vital financial tool utilized to facilitate the purchase or refinancing of a property.
This transaction entails borrowing funds from a lender, which could be a bank or financial institution, to cover the cost of acquiring a home.
The borrower then commits to repaying the borrowed amount over a specified period, known as the loan term, along with accrued interest.
This process typically involves regular payments made over time until the entire loan balance, including both principal and interest, is completely settled.
In essence, a home mortgage serves as the cornerstone of homeownership, enabling individuals and families to fulfil their housing aspirations while establishing equity in their property over the course of the loan repayment period.
Choice:
Working with a Mortgage Broker gives you extensive choices. Unlike approaching a single bank, a Mortgage Broker offers access to a panel of lenders. This ensures you have options that align precisely with your unique circumstances. Each lender has distinct policies, and a Mortgage Broker's expertise ensures they can match you with the most suitable lender, increasing your chances of approval.
Service:
Experience personalised service at every stage of your lending journey with a quality Mortgage Broker. From liaising with lenders to completing your application and coordinating with conveyancers and real estate agents, they handle all the legwork. Rest assured, they're dedicated to ensuring a streamlined and enjoyable process, so you can focus on achieving your homeownership dreams.
Long-Term Relationship:
Forge a lasting relationship with your Mortgage Broker, who will lookout for your financial well-being throughout the life of your loan. They'll proactively keep in touch, ensuring your mortgage continues to align with your evolving financial needs. Count on their ongoing support and guidance to keep you in the best possible financial position.
Experience:
Our Mortgage Brokers are seasoned professionals committed to serving you for the long term. With daily exposure to various lenders and lending scenarios, they possess a wealth of experience across all facets of lending. Trust in their expertise to navigate complex situations and secure the best outcomes for your financial goals.
Our Step And Process
The Mortgage Approval Process
Our process begins with an initial consultation, We can chat either over the phone, via video call or we prefer in person if possible.
During this meeting, we'll get to know you, your financial situation, and your homeownership goals. This allows us to understand your needs and tailor our services accordingly.
We'll conduct a thorough financial assessment to determine your borrowing capacity, assess your creditworthiness, and identify any potential challenges or opportunities.
This step helps us gain a comprehensive understanding of your financial profile, allowing us to recommend suitable mortgage options.
Based on our assessment and your preferences, we'll present you with a range of mortgage options tailored to your needs.
This includes details such as interest rates, loan terms, and repayment options. We'll take the time to explain each option in detail, ensuring you have all the information you need to make an informed decision.
After discussing your specific situation and your individual objectives with you, we’ll assist you to choose the lender and product from our panel of lenders that best suits your individual circumstances. We will then lodge a loan application on your behalf, ensuring all aspects of the application are fully and appropriately completed.
The lender will assess your application and provide provisional approval on your loan, based on your current situation. This is known as ‘pre-approval’, and usually comes with a list of criteria that you must meet before the lender will formally approve your loan. As the pre-approval is based on your current financial situation, it’s important that you keep your financial circumstances consistent and stable until the purchase of your property goes through.
Once your mortgage provider decides to grant formal approval, they’ll send us your formal offer letter. We’ll review it to ensure everything is in order, then forward it to you and your legal representative and also advise your Real Estate Agent. A few days later you’ll receive your home loan documents, which you will need to sign.
Once your loan documentation arrives, we will make an appointment with you to go over all of the information and assist you to complete the sign up.
Our support doesn't end once you've secured your mortgage.
We're here to provide ongoing guidance and assistance throughout the life of your loan. Whether you have questions about refinancing, making additional repayments, or accessing home equity, we're just a phone call away.
We’re Here to Make It Easy to Choose the Home Loan That’s Right for You!
Types Of Loans
Fixed Rate Loan
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This is where the interest rate of a loan is guaranteed to remain the same.
Construction Loan
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May be most suitable if you are building your own home or investment property.
Line Of Credit
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Access to the equity in your home or investment property up to a pre-approved limit.
Split Loan
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Make part of your home loan a variable rate and part a fixed rate, you decide how much you allocate to each.
Guarantor Loans
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A family member uses the equity in their property as additional security against your loan.
Bridging Finance
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Bridging finance allows you to use the equity in your existing home to finance your new one.
Protection Plan
A lot can happen over your lifetime
It’s safe to assume that our standard of living, health and family are important to us. However, there are certain events, such as serious illness or injury, which can put your home, lifestyle and future plans at risk.
Gippsland Mortgage Solution’s services extend beyond just helping you find the right loan.
It’s also about helping you understand the risks of borrowing. We have a solution which may help you manage those risks and could provide you and your loved ones financial assistance when you need it the most. The payout could help with things like living expenses, medical costs, and your mortgage repayments.
To learn more about this potential insurance solution contact us today.