Home Loans - Mortgages

In many cases a home loan will be referred to as a mortgage so ensure you are aware of what financial product you are applying for before you commit yourself to any home loan or mortgage you take out. Below you will see a chart of home loans or mortgage providers. The chart can be used to compare the main features of a variety of home loans or mortgages. Remember to check if the home loan provider is a broker or a direct lender. Although brokers make the process of finding a mortgage or home loan easier, they will take a fee so you must check this before you commit yourself to a provider. Remember if you are not able to make the repayments on your home loan you could find that your house is repossessed. This is one of the most important financial decisions you will make so if you are in any doubt then seek some financial advice.

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Compare Home Loans - Mortgages

If you are looking for a home loan or mortgage then there are a few things you need to consider

Things to think about when taking out a home loan or mortgage

A mortgage or home loan will almost certainly be the most expensive loan that you will take out so it is important that you consider your options carefully and obtain financial advice from a broker or bank before you commit yourself to the loan. There are various mortgages to consider, including variable rate or fixed rate mortgages so deciding which one is best for you is an important decision to make.

Fixed rate and variable rate mortgages? What is the difference?

A fixed rate home loan offers you a fixed interest rate over a guaranteed length of time so you know exactly what your monthly outgoings will be every month. This type of mortgage protects you as a borrower from rising interest rates. The rates you will receive with this type of mortgage could however, be slightly higher than those on the leading variable deals because you are paying for the security and peace of mind of knowing your monthly outgoings. Variable rates will vary, as the name suggests, depending on the interest rates at the time. When the interest rates are low, your mortgage repayments are likely to be cheaper, but you risk your monthly repayments increasing should the interest rates rise. Think carefully about your individual situation - should the worst happen could you still afford your repayments?

How can I reduce the risk of a home loan or mortgage?

As with any type of loan, the most important thing to consider is ‘how much can I afford to borrow?’ You may find that you are actually offered more than you thought or than you can afford to pay back, it is however, important that you do not get tempted and stretch yourself above the amount that you have decided you can borrow. If you are unable to make your repayments you will find that your home is repossessed and your credit history is adversely affected. It is best to obtain some financial advice before you take out a home loan. Ensure you read all the terms and conditions thoroughly and make sure you understand exactly what you are getting yourself into. Each mortgage and home loan varies so it is important that you are fully aware of this.

Finding the right home loan

Compare lots of different banks and brokers in order to find the best home loan or mortgage provider. The number of providers in the market is vast and it can be difficult to decide which one is best for you. Mortgage brokers carry an advantage because they may be in a better position to help you make a decision if you are unsure – make sure you know exactly what is going on though as ultimately the risk lies with you.

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