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Frequently Asked Questions

What is a Mortgage Broker?

A mortgage broker is a professional who works with clients to get the best mortgage deals. To discover the finest loan solutions for their clients and help them with the application procedure, they collaborate closely with banks and other lenders.

Do i need a mortgage broker?

Mortgage brokers are vital since they can help you find the finest mortgage options for your situation. With their access to many lenders, our UFS brokers can help you compare products and choose the offer that best suits your needs. They can also help you with the application process to relieve stress during the entire process.

How to find a good mortgage broker in Melbourne?

You may do a few things to locate a reliable mortgage broker in Melbourne. Get recommendations first by asking around. You might be able to find a reputable broker by asking friends, relatives, and coworkers who may have used one in the past.

Research can also be done online by looking at websites for mortgage brokers and examining the reviews area.

Finally, don't be hesitant to ask questions to the broker. Before signing up, ensure you are completely informed about their services.

How do mortgage brokers get paid?

In Australia, mortgage broker often receives a commission from the bank or lender they represent. A commission is nearly equivalent to a percentage of the loan amount and is commonly paid after the loan has been accepted.

What do banks need for a home loan?

Banks or lenders usually ask for a variety of documents and information to approve a home loan. This includes financial records for income, employment history, and credit score. Since they're going to help you acquire all this information, don't be hesitant to ask our UFS mortgage brokers any questions you may have concerning the loan application process. Also, all of our brokers follow our customer-first policy.

How much do I need to save for a deposit?

You must put down at least 5% as an initial deposit to get a mortgage. The more money invested now will help with interest rates in the long run and lower repayments over time - but if your options are limited because of how much equity there is already on hand from previous homes or refinancing projects, consider saving 20%.

What other costs are associated with securing a mortgage?

When buying a home, there are many different fees that you will have to pay. These can include government charges like stamp duty and land transfer registration, as well as loan application fees or legal charges (which your brokers can keep at a minimum). You’ll also need to have enough money if Council Rates come out.

What is Lenders’ Mortgage Insurance?

Mortgage insurance commonly referred to as mortgage indemnity guarantee is a sort of insurance that safeguards the lender in the event that you stop making mortgage payments. It can assist the lender against losses in the event that the property is sold for less than the loan's balance and is typically necessary if you borrow more than 80% of the property's worth.

Mortgage insurance is often a one-time fee paid at the loan's closing and is provided by the lender as part of the home loan package. The cost of insurance varies according to factors including loan amount, down payment, and kind of mortgage insurance coverage.

What is a guarantor?

If you're wondering whether or not a guarantor could help you avoid paying for mortgage insurance, the answer is yes – in some cases. A guarantor (like a parent in most cases) is a person who agrees to be responsible for your loan payments if you can't make them yourself. Ask your UFS mortgage broker for more details.
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