bad credit mortgage rate

There are many choices available when it comes to looking for a home loan, which is great for consumers because competition means more products, better service and competitive rates. Today, about 42% of housing loans are provided by brokers and non-bank lenders – no time to don your best costume and visit your bank manager.

Regardless of the person or organization you choose to get a home loan for you, make sure they are a member of the Mortgage Industry Association of Australia (MFAA). MFAA Accredited Mortgage Professionals and members are bound by a strict industry code of practice which guarantees the highest standards of business practice when you represent.

Banks these days are called “traditional” lenders. They offer loans directly or through one of their accredited mortgage brokers. To obtain the loan, you are required to meet the credit criteria of the bank. If you get the loan through a mortgage broker you do not pay more (unless you want a tip not included), and you only pay a commission to the bank pays the broker to take your business . Read more… »