Top Advantages of Hiring A Mortgage Broker

Finding a mortgage loan can feel like an uphill battle. This is why it is so vital to work with reliable mortgage brokers. Getting a home loan involves more than just visiting a bank and signing paperwork. Having a home of your own is the culmination of a great deal of preparatory effort that takes on behind the scenes. As an ordinary individual with no or less knowledge of money, securing a mortgage can take a lot of work. That’s why it’s wise to work with a mortgage broker who can streamline the entire process from start to finish.

You need to consider these advantages of working with a mortgage broker:

A broker saves you time and energy.

In case you didn’t know, mortgage brokers regularly talk to many different lenders. If you work with a reputable mortgage broker in Perth, they will steer you clear of mortgage companies that impose onerous payment terms. However, it is advisable to prepare thoroughly before meeting with a broker. Using a mortgage calculator found online is a quick and easy approach to getting a sense of the going rate for the mortgage product you’re interested in.

Quick access to multiple lenders

Finding several mortgage lenders is the first step in navigating the mortgage process independently. In this case, you’re contrasting prices, terms of service, and additional charges. It will take a lot of work and time. Get out and about, talking prices with processors at various locations. Mortgage brokers offer better connections to multiple lenders and mortgage options. Brokers can get customers access to better rates on retail mortgages. It is also convenient for both customers and creditors.

Evaluate your financial circumstances

One of the most common benefits of a mortgage broker is you can talk about the needs and circumstances. The broker can then use this information to select the best loan product for the customer. After that, the broker will let you know what kind of loan is best for your situation. The mortgage broker will review your various credit options after thoroughly grasping your financial situation and goals.


Using mortgage brokers also gives you more options regarding how you may transact. Unlike direct lenders, you have more control over the closing process with these institutions. Your broker will mediate between you and the bank or other lending institution. This enables you to get approval for a loan and reduces the paperwork. This makes it possible for your broker to get the loan that best fits your needs.

Do negotiation 

Deal negotiations are the most disagreeable part of any process. Fortunately, this problem disappears when you retain the services of a broker. Brokers routinely interact with lenders, allowing them to get advantageous terms and conditions for their clients.

Final Words 

In a nutshell, a mortgage broker is no less than a blessing. This article has discussed many advantages of hiring a mortgage broker. You will save time and money and get the most excellent price if you hire them. In addition, you will find an expert handling your mortgage-related financial matters.

So, please do yourself a favour and hire a broker to see how easy it is to acquire a mortgage to purchase a new property.

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Refinancing Your Mortgage – Pros and Cons

Refinancing your mortgage is a big decision as it will significantly impact your financial report. In this process, you will need to replace your current mortgage, and you can get new loans. New loans will be settled on new terms; you will need to shorten your loan limit or lower your monthly payments. You can also get a chance to access your home equity. However, refinancing your mortgage comes with pros and cons. You need to weigh them carefully. Let’s start exploring them.

Pros of Refinancing Your Mortgage

Here are some of the advantages of refinancing your mortgage.

1. Shortening the Loan Term

Shortening the loan term is a significant choice, as you will get rid of loans before the expected date. For this process, you will need to pay off your mortgage earlier but with an increased monthly payment. However, this will help you o save on interest rates in the long run. You will save a significant interest rate if you are refinancing a 30-year loan to a 15-year loan.

2. Lowering Monthly Payments

Refinancing also gives us the option to lower monthly payments. It is the potential benefit of refinancing a mortgage. You can secure a lower interest rate if interest rates decrease. It will also help you reduce your monthly payment. Ultimately, you can free up some of your money for other needs. It can also help you pay faster if you have no additional expenses.

3. Accessing the Home Equity

Refinancing also opens the door to accessing home equity. You can use it for debt consolidations, home improvements, or other expenses according to your needs. If you take a cash-out to refinance, you can tap into the equity you have built up in your mortgage. In the long run, your home’s equity will remain intact.

Cons of Refinancing Your Mortgage

Here are some of the disadvantages of refinancing your mortgage.

1. Extending Loan Duration

If you refinance your loan from a 15-year contract to a 30-year warranty, you will be extending the loan time period. You will be bound for an extended period with an increased interest rate. This will make your situation very tempting if you need a sufficient monthly income stream.

2. Lowering Your Credit Score

Getting a new loan or refinancing your mortgage can impact your credit score. Multiple inquiries in a short period will signal to the lender that you are taking on new debt. You can quickly secure new loans or refinancing if you have a good credit score. However, the refinancing will be going to decrease your credit score.

3. Paying Penalty Payments

One of the cons is that you may face high costs that you have yet to consider earlier. Sometimes lenders put such conditions in the contract, and the buyer needs to care to read them. That’s why you have to be very careful when contracting a deal. Always read the terms and conditions carefully before signing a mortgage deal.


In conclusion, refinancing your mortgage is a tricky task that will require you to be very mindful of the pros and cons. There are many benefits, like shortening the loan term, lowering monthly payments, and accessing home equity. On the other side, you may have to suffer with an extended loan duration, a low credit score, or paying penalty payments.

Gentle Reminder: Be careful and check whether refinancing your mortgage is the right decision!… Read the rest


5 Mortgage Types That You Must Avoid

Buying a house is an exciting thing for everyone. But you must make good decisions while purchasing a mortgage for your home.

Sometimes, your favorite house can become their worst nightmare. So, you should be considered while buying the mortgage because you have to pay back the mortgage in the next 15-40 years. If you don’t want to be helpless in the upcoming years, you should avoid some types of mortgages.

There are many types of mortgages available in the market. What are the riskiest types of mortgages? The mortgages you must avoid are discussed below:

40 Years Fixed-Rate Mortgage

The common types of fixed-rate mortgages are 15 and 30 years mortgages. But, some loans are stretched longer to 40-year fixed-rate mortgages. It is known as the most expensive mortgage.

If the mortgage is longer, it becomes difficult to pay back because the interest on 40-year ones will be more than the 15 and 30 ones. So, you will end up paying more interest than the actual amount.


Some people think it has many benefits, like lowering the monthly payments you have to pay. It is potential if you want bigger short termed saving. But, it has more drawbacks than benefits which are the following:


  • High price tags
  • High-interest rates
  • Larger money swings

Adjustable Rate Mortgage( ARMs)

In this type of mortgage, the interest rate at the start is low as compared to other mortgage plans. So, you will have to pay less interest for some time. But, after this, the lender can raise the interest rate.

The rise in interest rates is the most harmful thing. You don’t know the circumstances you will face then so it will be difficult for you.


You will be paying a small interest rate in the beginning.


The rise in interest rates will make it difficult for your budget.


Interest Only ARMs

In this type of mortgage, you will be paying a small interest rate for some time. In an interest-only mortgage, there is a structure that tells about the rise of interest rates in the future.

This mortgage has the most risk if you have lost your job and have no further source of earnings. It will become difficult for you, but you can’t avoid it.


The monthly payments will be low in the beginning.


Even after paying monthly payments, you must repay the total amount again.

FHA Mortgage

The government first approves the FHA mortgage, and the bank gives the loan. It’s primarily used when you can’t get a loan from private lenders.


The government approves FHA mortgages, so the borrower feels secure.


  • Limited mortgage terms
  • Not quite attractive to sellers
  • Mortgage insurance issue

VA Mortgage

VA mortgage is a government-approved loan that can be taken from banks or others. This mortgage is only provided to veterans or the persons of the VA department.


  • Provides low-interest rates
  • Doesn’t require a downpayment


  • Less equity in the property
  • The funding fee is high
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Welcome Back

Hi valued members and welcome back to our ‘new-look and feel’ Interactive Mortgage Advisors!

We are so glad you are here and we are very excited to be bringing a whole new style to our audience, past, present and new. This site will still be mortgage related but we’ll be publishing a whole new array of mortgage and home loan content.

Our new team of writers are busy creating the source of information you could ever need and we’ll be posting this very soon. We’re so excited to be back and hope you’ll stick around to consume our all-new finance and loans content.

No exact dates as yet, but rest assured we’re busy in the backend and will be ready to say hi as soon as we can!

Thanks so much 🙂… Read the rest