6 Mortgage Health Checks You Should Perform On Your Own – Part II
In the previous section of this blog, we have talked about the regular-cum-inevitable changes in our life and how these should be in sync with our loan. You must have found it very fruitful to ask yourself questions like – ‘How necessary the features are for me?’ and information such as – you need to pay an amount varying from 0 to 150$ when you switch from one product to another.
With a master-stroke tip of saving enough money for an overseas trip because of the updated evaluations, here you go with a couple of more useful mortgage health checks you should perform on your own-
#4 Is My Wage in Sync With My Repayments.
Are you paid weekly? In case you get your paycheck on a monthly basis, fortnightly or weekly, make sure it is a match made in heaven when it comes to your repayments. Are you wondering why? The catch here is that the interest on your loan is calculated on a daily basis – more precisely – on an everyday reducible balance. Did you understand the benefit out of it? If you have parked more money for a particular period, the lesser will be your balance. Frequent repayments help you to save.
#5 How Much Satisfying is the Service provided by the Lender.
How did you hope the service of your loan to be like? Is the existing one being helpful enough? You must already have thought of your home loan as one of the biggest investment you’ll make in your entire life. Is the relationship between you and the lender a mutually fruitful one? If not, you should ask starting the right questions.
#6 Am I Having the Best Interest.
While looking for the best interest rate, look for it when comparing the loan products with the same features. Often times, the more flexibility you enjoy in your loan terms, the greater is the interest rate. The competition among the lenders is never-ending. Therefore, the interest rate you might have no more be the lowest.
You can get the best of both worlds. All you have to do is to have the top lender for your home loan, though, with the easiest terms!