Central Coast Home Loans

How Do I Know If I’m Getting A Good Deal From A Lender

With so many products offered by various lenders, it can be quite perplexing trying to figure out whether or not you’ve scored yourself a good deal from a lender on your home loan.

good deal from a lender

While doing your research and comparing what’s out there in the market is one of the most obvious ways to find out whether you’re sitting on a good deal, it can be a time consuming practice and an overwhelming experience for those without specialist knowledge of the mortgage sector.

“It’s good to shop around, and yes you can use comparison websites, but because lenders call like products different names, it can get very difficult comparing apples with apples,” advises Yvonne.

“Brokers know the special names and pricing, so it’s worthwhile working with one as not only will it save you time but you’ll also get a well-rounded understanding of the advantages of each product.”

That understanding of each product’s pros and cons is essential, because the best deal isn’t necessarily just the one with the lowest interest rate.

It ultimately comes down to finding a loan that suits your plans – whether those plans are to pay the loan off as quickly as possible, to use it to fund renovations or investment down the track, or to pay the lowest total interest and fees over the life of a loan – and to finding a lender that will provide that loan at the level of finance required.good deal from a lender

“Imagine you’re wanting to buy your dream home. Now, different lenders will lend varying amounts based upon the same criteria,” says Yvonne. “So that could mean that the lender with the sharpest rate may lend $200,000 less than the one with a slightly higher rate.

If you really want that property, you’re going to have to go with the one with the higher rate, which may only make a few thousand dollars difference a year in interest repayments.”

MFAA accredited finance brokers have specialist knowledge of products from multiple lenders, to ensure you are getting a good deal.

Central Coast Mortgage brokers are MFAA accredited brokers.  Contact Yvonne on 4393 1945 to find out how to get a good deal from a lender

Contact Us
Central Coast Home Loan Specialists
22 Swindon Close
Lake Haven NSW 2263
Phone: 02 4393 1945
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Testimonial

Yvonne provided excellent personalized service and was able to find me the best deal when I recently refinanced. She was always happy to answer any questions I had and made the whole process quick and painless, I would not hesitate to recommend CCMB to anyone.

- Lorene C, Aberdare
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