2019-07-22
Pros And Cons Of Working With A Mortgage Broker

When time comes for you to buy or lease a property, there are a number of ways for you to access a mortgage loan. The first step for many is usually a bank or a credit union. Others choose the road less taken and use an online lender or simply ask a mortgage broker to do everything on your behalf. Mortgage brokers are middlemen who act as liaisons between potential borrowers and lenders gathering all the documentation and paperwork and using their lender connections to shop around at a fee for the right lender fit.

When you do decide to go with a mortgage broker, you need to do your due diligence. finding the right broker requires you to do your research so that you do not just make a financial decision blind. Doing your research does not only mean typing 'how to find the right mortgage broker' in your search engine. It also means getting referrals and asking the right questions. Before you make your decision, make sure that you interview at least three brokers before you settle on the one you are willing to move forward with. This may look and sound as overkill but the decision you make will significantly impact your future. We are not talking about a few months. This is a decision that will impact the next twenty to thirty years of your life.

Having said this, what are the advantages and disadvantages of engaging yourself with a mortgage broker?

Save you from unnecessary legwork. 

Think of when you want to buy a house. Isn't it easier for you to work with a realtor and tell him or her exactly what you are looking for so that they can connect you with a list of potential properties. This will save you a lot of time since you will not have to visit every open house in your vicinity. This is the same case with mortgage brokers. They have a network of lenders that they work with and can be beneficial in steering you away from dishonest lenders. Having this knowledge, the brokers are better placed to match a potential borrower with the most suitable lender.

Better access. 

Since mortgage brokers in Melbourne like Mel Finance work exclusively with lenders, you can rely on these brokers to cater to your needs and find you the best deal. You can think of your loan broker as a gatekeeper who is able to give you access even to some of the hard to reach lenders. Brokers may also be in a position to get special rates due to the volume of business they conduct with lenders. This could save you some fees here and there maybe even hundreds of thousands as they could get lenders to waive some or all fees such as appraisal, application and origination fees.

As far as the disadvantages go, the main one is that the broker's interest may not always align with your own. While you are looking to get an affordable interest rate, a broker simply wants to make the most in commission fees. So, you might actually end up paying more in mortgage fees than you would have if you would have simply taken a bank loan.

Another disadvantage is that you may not be getting the best deal. Some lenders can give you better deals than brokers ever could. So, you might want to shop around before you settle on a specific broker.

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 2019-02-09
What You Can Learn From Stock Trading

When you think about the stock market, what comes to mind? For a lot of people, the 2013 blockbuster Wolf Of Wall Street comes to mind and unfortunately, that film told a story that actually happened. Maybe other people think about the stock market crash of 1929 and 2008...but here's the thing, these only happened in the United States. That does not mean that markets in other countries such as Australia do not face the same challenges but then again, this is also not a reason for anyone to be afraid to venture into the stock market. As a matter of fact, there are a number of lessons you can learn from stock trading even if you're not always coming out on top.

1. Learn how to think long term.

This is perhaps one of the most important lessons to learn from stock trading because while you are making decisions on what to trade in, you always have to consider how the stock is going to do not only in five minutes but also how it will do in a week, month and maybe even a number of months.

2. Know when to back down.

Human beings are somehow built to always want more and this is one of the driving forces when it comes to trading stock. Greed is a word a lot of people have used to describe what the stock market is about. That along with fear. The big lesson to remember is that there is nothing wrong with a profitable trade. Matter of fact that is what you are in the stock market to do in the first place, right? However, what to keep in mind is that if you are focused on making a 5% profit, be content with it. Don't push to double it because it might end up disappointing you and that will push you into a cycle of frustration and overworking.

3. Plan Your Decisions

When it comes to the stock market, there are always outside influences in the form of mainstream and social media as well as friends, family and co-workers. While it is advantageous to seek advice from others, it is important to educate yourself, do your own research and make your own conclusions. If you are new and wanting to learn the stock market then you should take a course run by professionals who will teach you the stock market. These will help you make informed decisions rather than your friends on social media who might have gotten lucky. The market is unpredictable and unfortunately, the stock market presents a great abundance when it comes to opportunity but the window of opportunity is actually a rare thing. This means that you have to be prepared to act when things don't go your way. In short, have a plan for risk management because things don't always work out. When you have a risk management plan, you will not close up shop as soon you hit your first rough patch.

5. Progress is not a straight line.

As with almost everything in life, making progress takes time. Learning how to trade stocks may sometimes appear as though you are taking one step forward and four steps back but you need to remember that consistency is your best friend. If you're really struggling, then there are stock trading courses, these courses will help you get started trading shares and train you to learn from your mistakes, visit this site for more information. Sometimes, it looks like you are making one step forward and four steps back. the thing to remember is that consistency is your best friend. Keep in mind that in reality, upward moves in stock trading are usually met with pullbacks. So, stay the course and remember that perfection is almost impossible! I know that this is perhaps the hardest lesson to learn considering the fact that growing up, the education system insists on perfection. Answering everything correctly gives you a 100% - a perfect score while a 98% =, a difference of just 2%, is a 'near perfect' score. In stocks, there is no such thing as perfect which means that you cannot buy at the lowest and sell at very top. If you do, it is sheer luck. Remember, the goal is to be profitable not to be perfect.

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