29 Sep 2021

What is the Best Loan to Buy a House?

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The best loan to buy a house varies from one homebuyer to another. Ideally, no mortgage would incur an interest rate charge. Plus, it would allow sufficient funds to cover the cost of your dream home. Non-bank lenders, such as Mortgage House, find the most favourable loan terms for each homebuyer. The loan terms take into account the applicant’s financial situation.

Mortgage House offers several home loans that suit different financial circumstances. The following are a few.

Low Doc

As the number of small business owners, contractors, and gig workers increases, their opportunity to become homeowners saw a decrease. Traditional mortgages require full financial documentation. The low doc loan makes exceptions. For example, an affidavit replaces three months’ worth of payslips.

Interest Only

The interest-only home loan helps homebuyers and investors. It provides low monthly repayments upfront. For investors, it allows them to find their next buyer. For the homebuyer, it gives them time to increase their income.

Low Deposit

Data shows that it’s tougher for first-time homebuyers to save a 20% deposit. Therefore, the lending industry has developed loans that take into account the lack of deposits.  A low deposit loan doesn’t require a 20% deposit. The loan specialists receive the amount the applicant can give. The lender adds the lender’s mortgage insurance fee to cover the rest. 

Best Loan to Buy a House

The best loan to buy a house depends on a homebuyer’s financial circumstances. Mortgage House loan specialists complete their due diligence to find the best mortgage based on several factors. For more information, contact our team. You can also test our home loan calculator.

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