With interest rates at an all time low, mortgages are more attractive than ever for the prospective buyer. Contrastingly, a common concern amongst purchasers is what to do in the event of an interest rate increase, here are some professional tips on how to stay afloat:
1. Reconsider your mortgage provider
If you’ve been with your current lender for a while, it may be time to reconsider. There is a good possibility of cheaper loans available that suit your needs. Searching for a more suitable mortgage can be a very daunting and time consuming process. “Consult a professional broker, they have the necessary expertise to not only provide the best advise and help you find the perfect home loan, but also streamline your personal finances – giving you more control over your money and the freedom to enjoy the life you love”, Daniel Pym Mortage broker and financial planner.
2. Consider an interest only loan
Where you pay only the interest on your loan, which means your monthly repayments are less, this should be considered only as a last resort.
3. Reconsider your Budget
Attempt by all means to restructure your budget by cutting out unnecessary expenses, once again a professional broker can advise on this if budgeting is not your strong suit.
With more than 25 years of experience in mortgage broking, Daniel Pym, Director of Loan Market Double Bay, sat down with Daniel Hakim on the ‘Catching up with CUB’ podcast; to share his insights into how borrowers can approach lending strategically. Exploring strategies from negotiating better interest rates to planning for future property investments. … […]
One year ago, Property Manager Julie Feller, Sales Executive Danny Taylor and their team joined Ray White Double Bay, bringing decades of experience, established relationships and a deep understanding of Rose Bay, Vaucluse and the wider Eastern Suburbs. Today, Danny Taylor, Courtney Pashley, Mikayla Giannaklis, Julie Feller and Lachlan Yelds mark 12 months as … […]