It is a common scene you can personally experience when you hire a mortgage broker in Blacktown and he is explaining you about different types of home loans with those hard-to-pronounce financial jargons and you are simply stuck in the room and pray to get out of it. Even the same happens when you meet the lender for the first time at their office. It is a quite uncomfortable situation and we have an answer for you.

Here is a list of checklist questions you need to prepare for your home loan interview with the lender that will give hope and courage and information to crack it.

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Question: Why do you need a home loan?

Ask the same question to the home loan specialist you have hired and he will teach you how to answer this question in the best manner possible.

Your answer should be:

I want to take a home loan for a new home buying requirement.

I want to take a home loan for investment in a new or existing property.

I want to take a home loan for home renovation.

I want to take a home loan for debt consolidation.

I want a refinance home loan in Hills on my existing home loan.

What is your ideal repayment type?

There are two types of repayment modes you can opt for.

First, only interest rate repayment where you will have to pay just interest rate every month and your loan balance will not reduce.

Another mode is the interest rate with the principal amount. Here, you will be paying interest rates with the principal amount of the home loan together to reduce your home loan balance gradually.

What types of home loan interest rates are you considering?

Again, there are two answers to this question. You can either go for a fixed interest rate or adjustable interest rate.

Fixed interest rate means you will be paying a fixed amount of money throughout the loan tenure. The tenure might be from one to five years.

Adjustable interest rate means your interest rates might vary every month. It is the first choice of new home buyers. Even best mortgage brokers in Westmead recommend it to the homebuyers.

Which types of features and benefits are you considering for a home loan?

The home loan expert in Western Sydney must explain to you about all the home loan features and benefits to ensure that you give the best answer to this question.

Ask for an advantage of making unlimited extra repayments each month. It will help you to pay your loan quickly and get rid of the debt.

Ask for redraw facility as it helps you to withdraw those extra payments you have made during the loan tenure except your normal payments. When you need some cash, it can be very useful to ask for such payment.

What is a preferred home loan term?

You can go for a short term, medium-term or a long-term home loan you are procuring from the lender. The short term is for 0 to 5 years, medium terms cover 5 to 10 years and the long term covers more than 10 years loan term.

What is an exit strategy?

What will happen to your home loan repayments when you no longer working i.e. when you retire. A moneylender wants to know your strategy for repayment when you no longer earning. It is best applying when you have applied for a long-term loan.

This a list of checklist questions that you might be asked by the moneylender. Discuss these questions with the mortgage broker in Blacktown and find the best answers for it. Prepare for it and get it cracked.