Step 2 from our book, ‘The 7 Easy Steps to Mortgage Freedom’ is to get the cheapest loan you can.
It is to get the right loan in the first place at the lowest cost.
Every dollar you spend in extra interest or fees is a dollar that isn’t paying off your loan (which you then pay interest on).
There are many home loan choices out there, and it can all seem very overwhelming when you’re about to purchase a property. It might be tempting to keep all of your banking in the same place for simplicity’s sake. Many borrowers apply with their current bank just to get it over and done with.
However, don’t just assume that your current bank branch has your best interests at heart, the more interest you pay the more profitable they are. Finding the best loan is not only about choosing a lender; in fact, the lender is the least important part.
Instead, it’s most important to first decide what type of loan is right for you with the features you will benefit from, and then find that type of loan with the most competitive pricing.