Choosing the right home loan is as important as choosing the right home. Researching and understanding the home loan market will assist you in choosing the most suitable loan.
There is intense competition among lenders who offer a variety of packages, options and methods of payment. The loan that appears to be the cheapest because it has the lowest interest rate may not be the cheapest option in the longer term when fees, ongoing charges, and penalties are included. Also, it may not have the flexibility and added extras of some other loans.
Advice
There are two main types of lender:
- banks
- non-bank lenders such as
- credit unions
- building societies
- mortgage originators.
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