Does Your Home Need Roof Ventilation?

On by Mortgages Now Posted in roof restorationTagged

Roof Restoration

When understanding whether or not your home needs roof ventilation, it is important to know what the benefits of roof ventilation are. You would think that roof ventilation is indeed necessary, but do you have to take extra steps to get the job done? Perhaps what is in place already is good enough. Maybe you are having a home built, and you are trying to decide on what to do. You know ceilings need ventilation. Does your home have an attic? Attic ventilation helps your roof and your home in general, but what about roof ventilation. What do you need to know?

The first thing that you need to do is to look at the two types of ventilation in order to better understand matters. There is natural ventilation of course, and then there is mechanical ventilation. When it comes to natural ventilation, you have both the stack and wind effects working in your favour. As a matter of fact, they work in conjunction with one another and in completely opposite ways and directions. One is the exhaust feature, and one is the intake feature.

Then there are of course exhaust vents, of which the most common example would be ridge vents. There are also other types of exhaust vents that can be used to help give roofs the proper ventilation that they need. They are commonly known as whirly birds in Australia. However, it must be mentioned that intake of cooler air is required when it comes to all of the exhaust managing to leave through the ventilation system, hence the two processes mentioned earlier that work in conjunction with one another.

What are you going to be reliant upon as a homeowner in terms of the intake part of the equation? There are intake vents that handle that job. Now that we have looked more closely at how roof ventilation works, let’s talk about three benefits for you to think about. They are going to convince you to further evaluate your roof ventilation system so that you have everything properly set up.

You want your roof to last a long time. That’s a given, and it should be mentioned that one of the main benefits is that proper ventilation indeed helps ensure that a roof is going to last. While you are thinking about these benefits, you are also surely wondering how you can tell if your roof has the proper ventilation it needs. You can always count on the professionals to give you a helping hand and evaluate the situation.

Proper ventilation for a roof and a home in general also helps to reduce energy costs. Did you know that was going to be a benefit? You might have thought it was going to be the exact opposite. On top of reducing energy cost, you can also count on reduced extreme temperatures indoors. That is going to help, too, as those two benefits kind of go hand in hand. So now you know why it’s so important for a roof to be properly ventilated, as it affects your entire home in general.

For proper assessment and advice, get in contact with the boys from Roof Restoration Sutherland Shire.

Buying A Home – The Importance Of Inspecting The Roof

On by Mortgages Now Posted in roof restorationTagged

Roof Restoration

Purchasing your home is a huge financial decision and there are always things that can go against a positive outcome to cause you financial distress. One such item are issues with the building’s roof that can often be overlooked. This article discusses the importance of getting the roof inspected before purchasing. (Information in this article has been supplied by the team at Roof Restoration Penrith).

As part of a process of buying a home, you’ll need to carry out a building inspection. Generally, a decent building inspector will include a thorough inspection of the roof, however some may not get up on the roof and carry a basic visual inspection of the roof from the top.

It is in your best interests to ensure the roof is inspected thoroughly. It goes without saying that a roof replacement or a roof restoration can be an expense that can leave you out of pocket for thousands of dollars.

Make sure you quiz your building inspector about how thoroughly they inspected the roof.

A handy tip is to carry out a brief inspection yourself. This is not to suggest that you actually get on the roof yourself, please don’t, but if you can see the roof from the ground or from the neighbours or even from the road cast your eyes about. Look for issues such as broken and cracked tiles, dislodged tiles, missing mortar from the ridge capping and in the case of metals roofs look for rusty sheets and/or sheets that don’t appear screwed down.

If you spot any of these issues, insist that the roof is inspected thoroughly. Many of these issues may indicate further problems with the roof which may not be visible to the untrained eye.

Any issues found with your roof can be used to negotiate for a cheaper price for the house. Or if you are not emotionally attached to purchasing this house, it could be an indicator to just walk away from this one.

Most decent roofing companies will be happy to assist in this process and happily provide you with an inspection report prior to purchase. There maybe a small fee involved but the potential losses that can be avoided are well worth the investment.

Hopefully we have been able to convince you how important it is to have the roof thoroughly inspected before purchasing a home. As suggested, if you have any doubts, give your local roofing experts a call and seek professional advice.

Mortgage Broker Coffs Harbour

On by Mortgages Now Posted in Mortgage BrokersTagged

mortgage broker coffs harbourTips to Finding The Best Mortgage Broker Coffs Harbour

A mortgage is one of the biggest expenses most families will endure so it goes without saying that you want to make sure you get the right one that is suitable and compatible with your situation. Mortgage Broker Coffs Harbour prides themselves in taking the time to listen to their client’s needs and making it a priority to find the most suitable mortgage.

Sometimes the most suitable mortgage may not necessarily be the one with the lowest interest rates and fees. These days in the Australian financial sector, mortgages come in many different forms and shapes, and the mortgages available to the people of Coffs Harbour is no different.

Finding the right mortgage for you means finding the right mortgage broker – the right mortgage broker will go beyond finding the average loan to finding the perfect loan.

Most banks and lenders advertise their interest rates and mortgage features on the internet which is usually updated daily. What might be hard to find however and not is clear are any special conditions or terms of that mortgage which may end up costing the customer more in the long run. In addition, the time required on your behalf to compare and wade through multiple offerings from multiple lenders will take a significant time investment.

An expert mortgage broker will have this information already on hand, if not, they will spend their time researching current products on the market.

Take the time to talk to a few different mortgage brokers and meet with them to discuss your needs. You’ll need to inquire about their offerings in terms of interest rates and product features. Also you should feel comfortable with the personality of the broker – if you don’t trust him/her then the process will be very difficult.

Also discuss with the mortgage broker their fee schedule. Most brokers will not charge the client for a standard mortgage because they get paid from the lender, however there are cases where a broker may charge and you want to make sure you’re clear on the fees up front. If you’re looking for a commercial loan, then it is standard to expect to pay a fee because of the amount of work involved.

Another topic to discuss with the broker is their application time. Normally a half decent broker will do all the paper work for you which means that most of the application process and time will rely on them getting the work done. Try and judge their response if they are serious and value the importance of a timely application. Last thing you want it having made a decision and then waiting weeks for the broker to do the application.

Our preferred broker, Mortgage Broker Coffs Harbour, meets all these challenges and exceeds expectations. They have a 100% approval rate because of their experience and knowledge in the mortgage industry.

Types Of Residential Loans

On by Mortgages Now Posted in Residential LoansTagged

Mortgages Now - Residential LoansResidential loans are by far the most popular types of mortgages on the market. Being so popular, there are many types of residential loans and options within types of residential loans. A mortgage broker will wade through all the types of loans and options and present you with the best mortgage to suit your situation.

Incidentally, if you’re looking for a residential loan, the team at Mortgage Broker Central Coast come highly recommended if you live on the Central Coast NSW and surrounding areas.

Within the many types of loans available on the market today, the following type of loans are the major types of home loans and they usually have various options within these types of loans.

  • Fixed rate loans
  • Variable rate loans
  • Split rate loans
  • Low-Doc loans
  • Interest only loans
  • Line of Credit loans
  • Non conforming loans
Fixed Rate Loans

Fixed rate loans are exactly what the name implies – the interest rate is locked in at a certain rate for an agreed period of time, usually between 1 to 5 years.

The advantage of a fixed rate loan is that you are protected from interest rate rises during your agreed fixed rate period of time. This means your repayments will not go up should their be an increase in interest rates.

On the other hand, the disadvantage is that if rates fall, you will not be able to take advantage of the cheaper interest rates. Additionally there are usually limitations on fixed rate loans regarding extra payments and additional fees for an early loan payout.

Variable Rate Loans

In Australia, the Reserve Bank meets once a month to determine interest rates. Should they decide the official interest goes up or down, a variable rate home loan will also go up or down (at the lenders discretion).

The advantage is that should interest rates be cut, your repayments will be reduced. Conversely, the disadvantage is that your repayments will go up if interest rates rise.

Usually a standard variable rate loan will offer additional features such as the ability to pay off the loan quicker, and because of this the interest rate is usually a little bit higher.

Split Rate Loans

Split rate loans will allow you to split your loan and have a portion of the principal at a fixed interest rate and the remaining at a variable rate.

This type of loan basically allows you to combine both pros and cons of a fixed rate home loan and a variable rate home loan.

Low-Doc Loans

There are many borrowers who are self-employed, own their own business, contract, etc and are unable to produce evidence of regular income such as payslips. Lenders have recognised this market and provide loans requiring limited supporting documentation.

The advantage of these loans allows self-employed borrowers to obtain finance however the lenders will charge a higher interest rate for these types of loans.

Interest Only Loans

With these types of loans, you agree with the lender to pay interest only on the loan for a certain period of time, usually 1- 5 years. At the end of this period the loan reverts to principal and interest payments for the remainder of the term of the loan.

This type of loan is typically suited to investors or property renovators, etc. as the initial repayments are lower to accommodate a period of investment or renovating after which the property could be sold.

Line of Credit Loans

A line of credit loan behaves similarly to a credit card – you must pay a minimum amount each month (usually the interest portion) and you have access to funds up to a pre-arranged limit. This type of loan uses equity in your home to be able give you access to funds.

This type of loan only works well if you have built up equity in your home and you’re fairly disciplined in making sure you generally put more money on the loan than you use. Otherwise you can find yourself never paying off the loan.

Non Conforming Loans

Lenders have recognised that there is a market for borrowers who have a poor credit rating. Non conforming loans are targeted to these borrowers.

It is usually a little more difficult to get an approval for this type of loan as a lender has an increased risk factor. The lender will also want a higher deposit and the loan will have a higher interest rate than normal loans.

 

Choosing A Mortgage Broker

On by Mortgages Now Posted in Mortgage BrokersTagged ,

Mortgages Now - Choosing A Mortgage BrokerThere are so many lenders and financial institutions on the market today it can be difficult to know who to choose – using a mortgage broker will take the guesswork out of picking a lender.

A mortgage broker such as Mortgage Broker Central Coast will also help you with the right mortgage for your financial needs and situation. It is important to pick the right mortgage broker to help you through and this article discusses some factors to consider when choosing a mortgage broker.

Mortgage Broker Charges

Mortgage brokers are paid a commission from the lender for getting them the loan. In regards to residential lending, for most mortgage brokers they are happy with the commission payment and do not expect their customer (i.e. you) to pay them any money. However, some mortgage brokers do charge a fee so it is worthwhile asking the mortgage broker upfront what their fee schedule is when shopping around for a mortgage broker. It is recommended to find a broker who does not charge their clients fees.

For commercial lending, most mortgage brokers will charge a fee and this is because commercial lending takes a lot of work and organisation to complete a mortgage application. Ask the broker what their fees are for commercial applications.

Licences

In most places around the world, mortgage brokers need to carry a valid licence. The licence itself may have various names depending on the country but ensure your mortgage broker is properly licensed according to your local regulations.

Experience

Ask the broker you are consider what their experience is. You would want to choose a mortgage broker with a minimum of 5 years financial industry experience.

Even better if the broker has banking experience – this gives you the comfort knowing that the broker knows the banking industry and a general knowledge of banking procedures.

Years In Business

Similarly to experience, check how long the mortgage broker has been in business. It is always comforting to know that a business has been around for a while. But don’t discount the mortgage broker if they’re only new in business and posses other good qualities mentioned in this article.

References & Testimonials

Don’t be shy in asking the mortgage broker for 2-3 references or clients that you can contact that will be happy to discuss their experience with that broker with you. This is important as customer service is a big factor in the overall mortgage application process.

Banks and larger financial institutions are generally quite poor in customer service, but you should expect great service from your mortgage broker. Speaking with some of the broker’s other clients will give you an insight into how they conduct business.

Summary

Similar to other businesses, a mortgage broker will rely on a good reputation and providing great customer service to stay in business. Choose carefully as an incorrect mortgage could end up costing thousands in interest over the lifetime of the loan.