Who on earth would want to pay a ridiculous amount on their mortgage? We can’t think of a single person that would be okay paying more than they actually should, in fact this is why we make a point of offering our refinancing services to those in need. This financial solution may help you to re-evaluate the cost of your mortgage and sign up to a brand new agreement; one that may save you money.
But how can you really tell that your current deal is a bad one? Are there any red flags to look for and are there any ways to ensure that what you’re paying is fair? Well, the short answer is yes – and we genuinely wouldn’t bother creating this blog post if we didn’t already have a few solutions in mind for you! So without further ado, here are three signs to look out for; each can demonstrate that you are paying a little (or a lot) too much on your mortgage.
Compare your rates to others in your neighbourhood
Sure, you might not be in a position to go from house to house asking your neighbours how much they borrowed from a bank, or what their interest rate deals might have been – but there are ways to gauge if you’re paying the same as someone else is. You could go online and search for properties on your street (or in your suburb of Melbourne) that recently sold and for how much; this will allow you to work out how similar or different their values are.
If they were sold for more than the value of your own home without any good reason, then this could be a sign that your home was undervalued at the time you took your mortgage out. In these cases, stay quiet! If they sold for less however, then why were you lumped with such a high cost (and possibly a larger mortgage)?
If you are struggling to meet your repayments
Did you know that 4 out of 10 home owners will face a period where they will struggle to meet their mortgage repayments? It’s nothing to be ashamed of, in fact our experience is that most banks and lending agencies will prepare for these events. If you are struggling to make ends meet, then you might have been paying too much on your home loan in the first place!
That’s where we can help. Our experts can help you to refinance your property and agree to a fairer deal from the same bank, or a completely different one – which may help you to save cash and reduce your repayments.
If your next door neighbour is paying less than you
Who isn’t friends with their next door neighbour? Okay you might not be, but if you are then you’re in luck. If they are also paying a mortgage then the chances are that you’ll be able to strike up a conversation about how much they repay every month (or week/ fortnight for that matter). In the best case scenario you might realise that you’ve been paying too much.
And the worst case scenario? Well, if it turns out that your neighbour is paying more than you, then you could point them in our direction and allow our team at Mortgage Broker Melbourne.loan to help them with their refinancing options instead!
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Disclaimer -This page/article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.