Do The Research Before You Sign
Applying for a mortgage should not be a hasty decision - there are so many aspects of home loans that need to be sorted out prior to any written commitment.
There are several different vendors offering different loan products so it is essential to research the specifics of any agreement.
A low interest rate is not necessarily the best deal - fees, repayment terms and length of mortgage can all affect the amount you will pay.
While a shorter term will get you to a debt-free position sooner, it is important to assess whether or not you can afford higher payments.
It is also vital that you read the fine print on any introductory rate offers or deals that seem too good to be true. A mortgage will impact on your financial future for many years to come and should be thoroughly considered.
Using a mortgage calculator can help you estimate payments for various interest types and length of term.
You can also speak to a mortgage broker about specifics - they have access to hundreds of home loan options and can help you navigate the differences.