Your mortgage from a credible Mortgage provider

Your Mortgage is important

There are thousands of mortgage providers in Australia but when it comes to choosing one there is always a tough dilemma. Your mortgage does not always need to be a dilemma. Choosing a mortgage provider depends upon the rate of interest offered by the provider, mortgage terms and several other factors which can have an effect on the overall re-payments to be made over life of the loan. The rate of interest on mortgages can vary greatly depending upon the mortgage provider and the purpose of the funds. A private fund that offers mortgages may have a higher rate of interest than banks. However with a private mortgage provider, the process will be simpler and the time required for completing the transaction will be less. Private funders also offer flexible terms and conditions for loan repayment.

Mortgage applicants can apply for a mortgage loan from private funds irrespective of their credit history. Unlike banks that base their decisions solely on credit history, salary, bank statements and other documentation, private funds base their decisions on the capability of the applicant to repay their mortgages and the security asset. An applicant can get a mortgage upto 65% sometime 70% of the value of the property. The mortgage should also have clear terms and conditions on re-payment. If a mortgage applicant feels that selecting the right mortgage provider is a challenge, then the best way to do it would by utilizing a mortgage broker. A mortgage broker has the necessary qualifications required to select the best mortgage depending on the requirements of the client. The mortgage broker also helps in completing all the necessary paperwork and also in negotiating with the lenders.

A mortgage from a private fund is suitable for self employed professionals and small and medium business owners. Salaried professionals can also approach private funds for a mortgage and negotiate a good deal. Very often banks are reluctant to extend mortgage to business owners and self employed professionals, preferring salaried individuals instead. They also prefer to deal with existing customers who have some relationship with the bank. Private funds on the other hand are aggressive in staying competitive in the mortgage market. They tend to have a large loan portfolio as it is their core business. Banks on the other hand have several other businesses like Corporate Banking, Investment Banking etc. which provide for topline and bottomline growth.

Mortgage applicants need to compare the various mortgage options available to them and make a final decision. Sooner the decision is made, the better because opportunities can be missed. With fluctuating interest rates and a tough global scenario banks may not always be the right option for a mortgage. A private mortgage provider with flexible terms and conditions can offer tailor made mortgage solutions for the applicant. A definition of a perfect mortgage provider should be credible, professional and flexible. If a mortgage provider has high rankings in each of these parameters then it can be the right one for your requirement.