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Why shop around for a mortgage?

People talking about a mortgage

Shopping around for a mortgage can seem like a daunting process. But the fact is, if you don’t shop around and you simply apply for a loan from your everyday bank, you could be doing yourself a major disservice and you could be missing out on some serious deals. If you’re looking for a new mortgage or you’re considering refinancing, here are the reasons why it pays to shop around.

Rates are constantly changing

Mortgage interest rates are at an historic low and are predicted to remain that way for the foreseeable future. If you haven’t reviewed your existing mortgage in some time, you may be missing out.

Even half a point difference in your interest rate can add up to thousands of extra dollars spent or saved over the term of your loan. It’s worthwhile reviewing your mortgage at least once a year to check you’re still getting the best deal out there.

One size does not fit all

It’s understandable you want the lowest possible mortgage rate, but it’s important not to ignore the other crucial factors when choosing a lender or a home loan. Not all mortgage lenders are the same: Not only do their lending requirements differ, so too do their processes, service and charges.

It’s important you compare more than just interest rates when shopping around for lending options. That way you’ll find not only the right lender, but also the best finance deal to suit your lifestyle and budget.

By shopping around, you’ll have a chance to compare their fees and charges, see how long it takes them to approve your finance, how well they communicate and what their customer service policies look like. A Mortgage Express adviser can help you shop around for the right finance deal and help you compare options so you can make an informed choice.

First home buyers

If you’re new to the property market, it pays to work with someone who has a strong understanding of the property market and access to a lending panel that can provide you with a financial solution that works for you.

At Mortgage Express, we’re experienced at helping first home buyers get onto the property ladder and can help you understand the intricacies involved in buying a first home. We partner with a panel of bank and non-bank lenders and can match you up with a lending option to suit while saving you time by shopping around on your behalf.

Is it time for a review?

Are you paying too much for your mortgage? Or are you looking for a first mortgage but not sure where to start? If you have questions about shopping around for a mortgage or you’d like to know how your mortgage compares to what’s currently available, contact a Mortgage Express adviser by completing this online form. One of our advisers in your area will be in touch to set up a time to meet with you and go over your options for finance.


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