Conversations with a Pug - Is the cheapest interest rate always the best? -

Conversations with a Pug – Is the cheapest interest rate always the best?

Is-the-cheapest-interest-rate-always-the-best-

 

Is the cheapest interest rate always the best?

Not necessarily. There are several things to look at when searching for the right loan. Even though a lower interest rate might be appealing, if the loan is not set up with the correct structure or you are not aware of all the fees and charges, it may actually cost you more in the long run. It is important to seek recommendations from your broker and discuss products such as offset accounts, particularly for investors as they can preserve your future tax benefit.

 

Also, for self-employed borrowers, there are several lending options available not offered by all banks. Once again, your mortgage broker can discuss the range of strategies and options offered by many lenders as opposed to one or two products that a bank would discuss with you.

Many bank employees may not have the wealth of knowledge about the loan products available in the market place, as they will be limited to the products available to them.

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