Home » Posts taggedmortgage rate

Easy Steps to Become a Mortgage Broker

Are you interested in becoming a mortgage broker? Have you thought about turning to a new career or interested in helping others get their dream home? Being a mortgage broker can be a wonderful and very rewarding career and you can certainly enjoy helping others find their beautiful new home and enjoy a wonderful life there also. However, there are many who aren’t sure what it takes to become a broker, so, what does it take? The following are a few simple steps you might want to consider when you want to become a broker.

Obtain a High School or GED Diploma

Firstly, you are going to have to get the basic requirement of being a broker and that is a high school diploma. For those who haven’t finished high school yet, you need to continue to work your way in doing so. If you are passed high school age and haven’t graduated then you must work your way to get a GED or the equivalent of a high school diploma. This is something which a lot of people don’t realize and often think if they are out of high school, they won’t be able to work towards this career. Look at mortgagebroker247.com.au for more information.

Attend Mortgage Brokerage Courses

You need to find a suitable brokerage course and attend it. Now, there are several options when it comes to these courses and classes including online learning with a …

Continue reading

What are the benefits and limitations of a fixed rate mortgage and variable rate mortgage?

mortgage rate

When it comes to buying a house for yourself, few people can buy it outright unless they’re millionaires. Therefore most buyers will inevitable take out a mortgage when purchasing a house to cover the rest of its payment. But should you go for a mortgage broker that has a set percent you pay back or one with a changing percent? We explore this in more detail.

What is a fixed rater mortgage?

A fixed rate mortgage is where you and your mortgage broker agree on a fixed rate you will pay back over a set period of time. An example of this would be paying back of your total mortgage over a course of 5 years. If your mortgage value is $200,000, you would be paying $3,333 per month. The peculiar thing with a fixed rate is that with this kind of mortgage, you are paying off both the interest from the mortgage loan and your debt, so after the fixed time period (e.g. 5 years) you don’t owe anything to your mortgage broker. There is usually a special rate that incentivizes customers. However, if you try to opt out early, you will have to pay a heavy fine, which effectively locks a customer in for a committed payment.

What is a variable mortgage?

A variable mortgage is where you pay according to the US economy and how healthy it is. If the economy is looking profitable, your interest …

Continue reading