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Guarantor Home Loan

Activity of Mortgage Brokers / Help of Mortgage brokers

Activity of Mortgage Brokers

By | bad credit, Commercial loan, Construction Loan, Debt Consolidation, Guarantor Home Loan, Low Doc home loans, Low Doc Loan, Mortgage Brokers | No Comments

Activity of Mortgage Brokers

There are many situation, where you need help of Mortgage brokers. For example, you need:

Suitable loan for you

Your Mortgage Broker must talk with you, answer your many questions. This gives him the opportunity to determine which type of loan is most suitable for you.
You will need to provide documents to support your identity and financial situation. Your mortgage broker will advise you of what you need for your particular situation.
If your mortgage broker has an understanding of your objectives and financial position, he will discuss the various loan products available. A mortgage broker should also provide you with product comparisons and inform you of proposed mortgage repayments and any upfront and ongoing fees.

After that, your mortgage broker will search their database containing hundreds of loan products from many different lenders, including major banks, smaller banks, credit unions and other lenders. This database of Premium Mortgage Brokers includes 40+ lenders. We have access to some exclusive loan products which are not available elsewhere.

Manage the whole process

The mortgage broker negotiates on your behalf with the lenders from the beginning of the process and until the loan is settled. Your mortgage broker will help you to complete the necessary paperwork and liaise with the lender on your behalf. Your mortgage broker is also required to inform you of Internal Dispute Resolution procedure.

The responsible lending obligations require a mortgage broker to:

  • Reasonable Inquiries. He make reasonable inquiries of the consumer about their financial situation.
  • Assess whether the credit product is unsuitable for the consumer and only proceed if the credit product is not unsuitable.
  •  Copy of the assessment. He andgive the consumer a copy of the assessment if requested.

Premium Mortgage Brokers are best specialist in SydneySunshine Coast and Brisbane. We also have a list of most popular questions for Mortgage Broker.

How to choose a Mortgage broker?

What is a guarantor? / Why use a guarantor?

What is a Guarantor?

By | Guarantor Home Loan, Home Loan Types | No Comments

What is a guarantor?

Buying your first home can be a big financial challenge. Many lenders allow a family member to help you to buy your own home by providing additional security. The person providing this assistance is known as a guarantor. A guarantor can help you secure a home loan by offering their own property as security for the loan.  Home loan guarantors are generally limited to immediate family members such as parents and spouses. Although some lenders may also allow siblings, parents-in-law, step-parents, grandparents and even aunts and uncles to act as guarantor for you.

Why use a guarantor?

Guarantors can help you secure a home loan if you’re unable to save enough for a deposit. They can prove to a lender you can otherwise make the required repayments.

Guarantor loans have several benefits for you as the borrower:

  • You don’t need a deposit, allowing you to buy a home now.
  • Borrower do not have to pay Mortgage Insurance.
  • You can consolidate some minor debts, such as credit cards, when you buy your home.
  • You can limit the size of the guarantee.

How does it work?

Your guarantor will provide a guarantee for your home loan which is secured on their property. A guarantor allows the equity in his or her own property to be used as additional security for your loan. The primary security for the loan will be your property. The lender will also take a mortgage over your guarantor’s property. This mortgage will not support the loan directly but will be used to support a guarantee from your guarantor.

As a result Guarantor loans have become very popular in recent years. They cost less than standard home loans, they allow you to buy without a deposit and some lenders now allow you to limit the size of the guarantee.

Premium Mortgage Brokers can help you with guarantor home loan in Sydney, Sunshine Coast and Brisbane.

If you want to know anything else please contact us. You can contact us without leaving home.