What to know about finding the right mortgage for you

If you're interested in potentially buying a house soon, you probably already know there's much to consider. Among other things, you need to think about what the right mortgage will be for you. Many factors will play into the mortgage decision, and we will offer a brief breakdown of which kind of loans might be best for your circumstances. Let's get started.

First home loans

If you're embarking on your first-ever homebuying journey, you might need a different mortgage than someone else who has been through the process before. It can feel somewhat overwhelming to deal with all the paperwork, but working with a professional who can guide you through everything will make a big difference in the long run.

For example, Loan Market can help you find the right mortgage and even understand all the otherwise hard-to-grasp jargon. Ask about specific first home loan options that can have lower interest rates or payments. An example is an introductory rate loan. According to Loan Market, this is a loan that "offer[s] low-interest rates for a short period, after which the rate moves to the standard variable rate."

Next home loans

There are plenty of other mortgage options available for someone who looking for their next house. Here are some examples of loan types you can choose from:

• Variable loan rate: In these loans, the interest rate can change over time, which offers flexibility but may also be dangerous in an unsteady market.
• Fixed-rate loan: Instead of changing over the life of the loan, the interest rate will never change. This can be great because you are protected from fluctuations in the market. 
• Split loan: As the name suggests, you get to have the best of both worlds with a fixed interest rate and the rest is variable. 
• Packaged loan: According to Loan Market, these "offer discounts on standard variable and fixed rates" along with waiving of fees and other deals. 
• Interest-only loans: Only pay the interest on the principal balance for a set term. 
• Construction loan: This kind of loan will help you build a home if you want to make something from scratch.  

Working with a professional

Whether you've bought a house before or are trying to make this big purchase for the first time, you don't have to do it alone. Maybe your income status or lifestyle has changed, which could impact the type of mortgage that is best for you. By working with the best real estate agents at Ray White Surfers Paradise and the lenders at Loan Market, you can get started down the right path. They can answer any questions that you may have about borrowing money to buy your next house.

Reach out to the professionals at Ray White Surfers Paradise today to learn more.