Mortgage Myths Busted

Mortgages for anyone can be confusing, especially for young people or first time home-buyers. There are several common misconceptions or myths when talking about mortgages. Here we will set the record straight and bust those mortgage myths. 

It is NOT true that you have to be an existing member of a bank to get approved for a mortgage. Mortgage applications are assessed on a case to case basis. Being established at a bank already does not affect the outcome or make you more or less likely to get approved. Existing members also do NOT get better agreements. 

Having evidence of gambling will NOT exclude you from being able to get you a mortgage. Having several transactions to online gambling websites may raise some concerns to lenders but occasional transactions will not strike your eligibility and will not be held against you. 

It is NOT impossible to get a mortgage if you’re self-employed. Many people think if you’re self employed it is challenging to get a mortgage and a home. Being self-employed does not exclude you from being approved from getting …

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Comparing Mortgages in Ireland to Mortgages in the United States

 

The mortgage market is a vital component of the housing sector, enabling individuals to purchase homes by providing them with long-term financing options. While mortgages serve a similar purpose in different countries, their structures and features can vary significantly.

First, we take a look at the different mortgage types. In the United States there are fixed-rate mortgages which are predominantly offered and provide a fixed interest rate for the loan’s duration. There are Adjustable-Rate Mortgages (ARMs) and the interest rates can fluctuate based on market conditions and typically offer an initial fixed rate for a specified period.There are FHA Loans which are backed by the Federal Housing Administration and provide accessible financing options for low-to-moderate-income borrowers. Lastly, there are VA Loans which are guaranteed by the Department of Veterans Affairs and are exclusively available to eligible military veterans and their families.

In Ireland there are Variable Rate Mortgages which are commonly offered with interest rates subject to change in response to market conditions. The Tracker Mortgages are tied to the European Central Bank (ECB) rate and offer borrowers …

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AI Revolution In Mortgage Brokering: Enhancing Performance, Not Replacing Jobs

Artificial intelligence (AI) is transforming various industries, and mortgage brokering is no exception. AI is reshaping the landscape of the mortgage industry, empowering brokers to improve their performance, streamline processes, and deliver enhanced customer experiences. Contrary to popular misconceptions, AI is not here to replace brokers’ jobs but rather to augment their capabilities. Let’s explore how AI is revolutionizing the jobs of mortgage brokers in Ireland and why embracing this technology can lead to increased success.

Streamlining Administrative Tasks

Mortgage brokers often face time-consuming administrative tasks, such as collecting and organizing client information, verifying documents, and performing calculations. AI-powered software and tools can automate these tasks, reducing the administrative burden on brokers. By leveraging AI, brokers can focus more on building relationships, providing personalized advice, and delivering exceptional customer service.

Improved Customer Experience

AI-powered chatbots and virtual assistants can significantly enhance the customer experience in mortgage brokering. These intelligent systems can engage with customers, answer common inquiries, provide basic information, and potentially guide clients through the mortgage application process. Brokers can leverage these tools to provide basic, round-the-clock support, improve …

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