This month, we will be focusing on home loans, particularly Australian home loans/mortgages, and we will, consequently, be looking at a few of the most popular books on the subject. The Beginners Guide to Choosing a Mortgage That You Can Pay off in Record Time by Tom Porter discusses everything about buying and financing home – from identifying the ideal home, the best loan, all the way to paying off the mortgage in the shortest time possible.
The book is based on the Australian mortgage industry which means some of its details are going to be a bit different depending on various factors, such as what state you are in. In spite of that, the advice is going to be useful for just about anyone who is looking to buy a home.
Buying a home, especially if it’s your first home, is one of the most exciting, frightening, hardest, and most permanent commitment you will ever undertake in your life. It, therefore, goes without saying that you will need all the professional guidance and advice you can get.
The idea behind the book is to show aspiring home buyers that it is very much possible to acquire a mortgage that can be paid off in record time so as to be able to buy the home of their dreams and still live a debt-free life. The author, who writes from personal experience, explains little by little how he and his wife managed to pay off their mortgage in three and a half years.
Loans and Lenders
The books also talks about the loans options and lenders available in Australia in detail. This particular chapter will answer many questions that are probably running through your mind as a soon-to-be home buyer such as which loan and home/house would suit you best, what lenders would give you the best deal, and so on.
Another quite positive thing about the book is that it comes with a dummy loan application form to guide the reader through the mortgage application process. It also offers some excellent tips on how to avoid some of the most common traps of purchasing a home.
Another positive thing about the book is the mathematics formulas include therein. Numbers often speak more clearly when it comes to loans of all kinds. Tom gives extremely clear instructions and formulas on how to personally run some important calculations. Such calculations will make it easier for the reader to access his or her financial situation.
The only criticism we have about the book is that a few of the examples provided are a bit outdated. That could be because Tom and his wife bought their first home a few years ago when some important factors, such as interest rates and debt to income ratio, were different from what is available today.
However, according to the various financial advisors, mortgage brokers, and lenders we talked to after going through the book, 99% of the information provided by Tom is very helpful and still relevant even in today’s mortgage industry.
The Beginners Guide to Choosing a Mortgage That You Can Pay off in Record Time by Tom Porter may be a bit outdated, but prospective home buyers will find the book extremely valuable.
The author, Tom Porter is the director of Mortgage Hero in Perth WA.
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Osborne Park WA 6017
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