Okay, so now you know the importance of getting a cheap loan and making sure it stays cheap, let’s discuss a practical method for achieving this.
What you need is a way of comparing the true overall cost of the loan on an “apples to apples” basis, just like a reputable Mortgage Broker would do for their own home loan.
So how do you go about finding the lowest cost home loan available to you?
There are hundreds of home loan choices, and it can be overwhelming. It might be tempting to keep all of your banking in the same place for simplicity. Many borrowers apply with their current bank — definitely not the best way to get the cheapest loan.
Many homebuyers do not feel they have the time or the finesse to review all the possible loan options thoroughly. This is where it is a good idea to get a professional involved. A good Mortgage Broker knows the steps to take to get you the best loan product from their panel of lenders without causing you any extra stress.
In this chapter, we outline the 5-step process of finding a genuine low cost home loan deal; it takes some time to do this, but you should do it this way if you want to get it right. NOTE: if you or your trusted advisor is not doing this, you’re flushing money down the toilet!
Step 1 – choose the right type of loan
The first thing to do is to get a solid understanding of the different types of loans.
Valuable Resource: your guide to loan types
You can download our guide to the different types of loans from our webpage using the link below:
Choosing a loan is about knowing what you need in the loan and talking with someone who can explain what it all means or doing your own research.
Stay tuned for part 2…