Buying a home or investment property can be a complex and expensive financial undertaking. MJA Financial Services can provide you with advice on choosing the right mortgage for your financial situation.
Reduce the Cost to Set Up Your Mortgage
Lenders Mortgage Insurance can add substantially to the cost of setting up your mortgage. Most lenders require that you take out this insurance if you are borrowing over 80% of the value of the property. So, for example if you purchased a $500,000 home and borrowed $425,000 (85%), you would be expected to pay between $4,000 and $5,000* for Lenders Mortgage Insurance. If you borrowed $475,000 (95%) the insurance costs jump to $16-17,500*.
MJA Financial Services have negotiated access to mortgages for up to 85% of the property value without incurring Lenders Mortgage Insurance.
If you are a medical professional then this increases even further, enabling you to access a loan up to 95% of the value of the property without requiring insurance.
Talk to us today about how we can help you to cut the cost of your mortgage.
* Estimated costs as at February 2017. The price of insurance will vary depending on the provider, the value of your home and the size of your mortgage.