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What you need to know when finding your mortgage
What do you need to know when you are looking around for a mortgage? How do you know if the deals you are looking at are right for you? What term should you go for? Should you choose fixed or floating interest rates? How do you know if your interest rate is the lowest you could get? How do you minimise the other costs surrounding home ownership and arranging a mortgage?
So many questions, but how do you find the answers?
Finding the best home loan can be a daunting task. These days, there are more organizations offering home loans than ever before, each of which has a number of options for different situations.
Should you just go to your bank and be done with it? No – not if you want to be sure that you are getting the best overall deal. Your mortgage repayments may well be one of your most significant expenses, so getting stuck with an expensive, inflexible arrangement can prove very costly in the long term.
So the first and most important thing you need to know when getting a mortgage is this:
There is now a great deal of competition in the marketplace for home loans (and loans for other kinds of property) and being able to get the best deal for you can save you thousands of dollars in the long term. It is worth making the effort to get this right!
DO NOT JUST ACCEPT THE FIRST DEAL THAT COMES ALONG!
The problem is of course that going around a number of lenders for the best deal is time consuming and stressful. But it is definitely an option – if you have the time – to do the research yourself.
You can start on the internet and draw up a shortlist of possibilities, then contact each one for their best deal.
What information do you need to supply?
You will need to supply them with some information about your situation including income and outgoings of those applying, assets and liabilities, how much you would like to borrow, level of deposit available, age and other personal details.
Your question checklist
As well as providing some information about your situation and what you are looking for, you need to get answers to some fundamental questions. The questions that you need answers to include:
- What is the best type of loan for my situation?
- Should the loan be on a fixed or floating rate or a combination?
- How does the interest rate I am being quoted compare with the competition?
- How do the fees I am being quoted compare with the competition?
- Does the lender being considered pay a contribution towards my legal fees?
- What are all the costs involved with the loan being offered?
- What are the costs of redraws?
- What are the costs of early repayment?
- How much can I borrow?
Include Thomson Jones on your shortlist
We would love to be included on the shortlist of options that you research and we’ll even make it really easy for you to supply the necessary information.
To include Thomson Jones on your shortlist download your application form here…
Other important information topics
Click on any of the topics/links below for more information
Property Investors | Emigrating to NZ? | Kiwisaver | Kapiti Coast Contacts
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