im in the process of looking at different lenders to get a mortgage. Each time i speak to a different person there seems to be another fee to concider. i would like to make a list of all the things to look for in a mortgage so that i can compare them with each other.im sure this will be benefitial to all other newbies aswell as me.
1.The first fee that im looking to reduce is the LMI. By paying 20% deposit i will save myself $2000 – $3000 straight away.
2. Application fee, for residential property this could cost around $300. i know in the scheme of things this isnt very much but why pay if other banks dont charge it.
3. Valuation, can you get your own valuation? not sure what the different costs are here , im sure others will know.
4. Differing interest rates. im looking at properties in NZ at the moment and for a 5 year fixed loan, the difference in lending rates are astounding over the life of the loan. example 7.6% to 8.45%.
i would be gratefull if others with more experience could highlight other fees and charges to compare.
thanks pgrimCheck out the deferred establishment fees or penalties for early payment.
Most mainstream lenders pay for the valuation or it is part of the application fee. I doubt you would save by sourcing the valuation yourself.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Some also charge a settlement fee and lenders legal costs.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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