So how do you get the right loan?
Easy. Use a mortgage broker!
Yes, I know, we are a Mortgage Broking company so of course I think this. But I chose to work in the Mortgage Broking industry because I like to stack the odds in my (and your) favour. If my business has the advantage of providing a better offering to my customers, that is an advantage I want. Not that I ever worked for a bank, but in my opinion the lending staff of the banks have a really hard job, much harder than mine. As I said, I prefer to do things the easy way.
Later in this book I will discuss the methods we use for finding people the right loan at the cheapest cost, within the panel of lenders we have. You can certainly apply this method yourself, or use a reputable Mortgage Broker to do it for you.
When you go to a bank and you want a 3-year fixed rate loan, the bank has a 3-year fixed rate loan to offer you, but only one. So the bank will tell you that their 3-year fixed rate loan is the best one for you.
A Mortgage Broker on the other hand will have 20, 30, 40 or even more lenders they work with. So that means they have 20, 30, 40 or more 3-year fixed rate loans they can compare, and you just choose the cheapest and most appropriate one.