Comparing your mortgage interest rates isn’t the only factor when deciding on the best mortgage for your lifestyle or investment strategies. There are other points to consider such as those listed below. You can see that doing a mortgage comparison isn’t as simple as it sounds.
Points to consider when doing a mortgage comparison:
Interest rates and fees: Account keeping and other monthly bank fees will add to your total repayments so you need to look at what your total repayments will be, not just interest rates.
Flexibility: Circumstances in life change and its helpful if you have a loan that can be flexible to your needs. One that will allow you to make additional repayments when you have funds to do so and the ability to re-draw on that when you need to.
What are your application and/or early pay out fees?: Fees make up a considerable percentage of a financial institution’s income and you need to be clear on the costs associated with any prospective mortgage.
Customer service: Low cost (and cheap) loans often mean poor customer service.
Having the RIGHT mortgage is equally as important as choosing the RIGHT home so make you choose the RIGHT mortgage broker to help your family’s financial future.
At Cairns Mortgage Broker, I strongly recommend you do a complete financial health check when doing a mortgage comparison, call today for your FREE consultation!