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  • July 26, 2023

Cheltenham Mortgage Broker Shares Six Common Mortgage Seeker Mistakes

Purchasing a home, especially in a rapidly appreciating area like Cheltenham in Victoria, is a desirable accomplishment. 

In order to make this dream a reality, rather than a nightmare, it’s important to understand the basics of obtaining and managing a home loan.

From calculating affordability to selecting the right type of loan, there are many steps that could lead to costly mistakes, if not done correctly. 

Applying for a mortgage and dealing with all the complex paperwork can be somewhat intimidating. However, don’t worry! There are some simple steps you can take to ensure you don’t make any costly mistakes.

Oz Lend, as a local mortgage broker, servicing the Cheltenham area, suggests you avoid making any of the following six mistakes when looking to take out a mortgage loan.

Six Common Mortgage Seeker Mistakes

Neglecting Pre-Approval: Before house hunting, get pre-approved for a mortgage. This will allow you to know exactly how much you can afford, streamlining the search process and making you a more attractive buyer to home sellers.

Underestimating Hidden Costs: Remember, a mortgage involves more than just monthly payments. There are settlement costs, property taxes, insurances, and potential maintenance expenses. Be prepared for these additional costs to avoid any nasty surprises down the road.

Over-extending Financially: While it’s tempting to aim for a larger, more luxurious property, it’s crucial to be realistic about your borrowing capacity. Overspending on a home can strain your budget and put you at risk of defaulting on your mortgage.

Ignoring Credit Score: Your credit score plays a crucial role in securing a favourable mortgage. Regularly check your credit file for errors and work to improve your score before applying for a mortgage.

Not Seeking Professional Advice: With so much at stake, don’t hesitate to seek advice from a seasoned mortgage broker in Cheltenham. They have a deep understanding of the local market and can guide you towards the most suitable mortgage product for your unique situation.

Understand the Terms and Conditions: Never sign on the dotted line without fully understanding the terms and conditions of your mortgage agreement. 

A professional mortgage broker in Cheltenham will walk you through each aspect of the mortgage documentation, ensuring you’re comfortable with all the terms and conditions, and that you understand the full consequences of any breaches of them.

Parting Words

Securing a mortgage is a significant milestone in anyone’s life, and with the right approach, it can be a smooth and rewarding experience. 

Oz Lend, a local mortgage broker servicing Cheltenham, is committed to helping you find the best mortgage to meet your current requirements and longer-term needs.

To engage our services, call today on 1300 438 669, or book your free consultation via our website.

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