The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreThe “5” refers to the number of years your initial fixed interest rate will last. The “1” means that after the initial 5-year period, the interest rate can adjust once per year for the remaining life of the loan. Other common structures are 7/1 ARMs and 10/1 ARMs.
Improving your score takes time, but key steps include:
Pay all bills on time. Payment history is the most significant factor.
Reduce your credit card balances. Keep your credit utilization ratio below 30%.
Avoid opening new credit accounts before applying for a mortgage.
Don’t close old credit accounts, as this can shorten your credit history.
Check your credit reports for errors and dispute any inaccuracies.
Yes. Reputable Brokers and their Aggregators operate under strict Australian Privacy Principles and the National Consumer Credit Protection Act (NCCP). Your personal and financial information is handled with confidentiality and is only used for the purpose of securing your mortgage. Aggregators invest heavily in secure technology systems to protect data.
Lower Initial Monthly Payments: Payments are often lower than with a standard 30-year fixed-rate mortgage.
Lower Interest Rates: They frequently come with a lower interest rate than a 30-year fixed mortgage for the initial period.
Short-Term Ownership Ideal: They can be a good fit if you are certain you will sell or refinance the home before the balloon payment is due.
PMI is generally required on conventional loans when your down payment is less than 20%. This means your Loan-to-Value (LTV) ratio is greater than 80%. It is not required for FHA loans, which have their own mortgage insurance premiums (MIP).
