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| Like them or loathe them, if you want to own property you are probably going to need a home loan at some time in your life. The earlier you start the earlier you will pay it off. There are loads of deals around now, everyone is competing for your money for home loan online. As of December 2004 it looks as if interest rates have almost peaked so lenders can feel more confident offering fixed rate deals. Pick a flexible mortgage and combine it with your savings and you will be saving interest and tax that you would have paid on your savings plus if you carry on with the same payments or pay a little extra, you could knock a decade of the length of your mortgage! If you have equity in your home you could refinance to get cash out. This could be for almost any purpose as the mortgage company won't ask questions. You could build an extension, invest in a holiday home, or get a better car. Even if you don't need extra cash, you could bring down your repayments just by switching your home loan. Your old lender won't necessarily be giving you a good rate as they rely on apathy to make huge amounts of extra profits. Ask your lender for a better deal and threaten to switch. This usually works, but don't accept what they offer if you can get better elsewhere. Try a mortgage broker (most work on commission so don't charge) to find you the best deal. Switch to a better home loan deal now. |
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