Top 5 Home Loan Tips for First Time Home Buyers
Top Five Home Loan Tips for First Time Home Buyers
Extremely low-rate do not have the flexibility that is required by many home owners. If you would like to make extra repayments or have facilities such as a line-of-credit attached to your home loan, then simply choosing the loan with the lowest rate might be a mistake. Loans with these and other non-standard features usually carry higher interest rates and fees than basic loans. But the trade-off you get with the added flexibility can make a loan with a higher interest rate a smart choice.
Competition between the major banks and other non-bank lenders is still high despite the recent credit-crunch. Purchasing a home is one of the biggest financial decisions you will make in your life, so take the time to research and compare the offerings from both bank and non-bank lenders. This way you will be able to find the mortgage with the right blend of features and low rates and fees. Over the course of a mortgage, even small monthly savings can add up to a big sum.
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