Case Study: LMI paid Twice.
If ever there was a great example of how a Mortgage Broker can be invaluable to you, this would be it.
John went to his bank and took out a loan to purchase a block of land. He borrowed more than 80% of the property value so also had to pay LMI (Lenders Mortgage Insurance).
A couple of months later John was ready to finance the construction of his new home, so he approached the bank again.
The bank refinanced his Land Loan and increased the Loan to include money he needs to build his home. Again he is financing more than 80% of the property value, so again the bank charge him LMI.
HERE'S WHERE a MORTGAGE BROKER would have saved John SEVERAL THOUSAND dollars.
In John's case, he could have received a credit for the LMI already paid and only had to pay LMI for the additional money borrowed.
MAKE SURE YOU DON'T pay fees and charges you could avoid.
Book an Appointment with a Gadsden Finance Mortgage Broker today. (03)5443 9098
BENDIGO - Greg Gadsden 0439 311 624
GEELONG - Logan Popple 0468 949 359
MELBOURNE - Craig Gadsden 0407 929 672