Since the market for homes is favourable for first time buyers, do not feel embarrassed to negotiate with the loan officer for some basis points. Sometimes, the best home loans (read the home loans with best rates) are kept aside for speedy disbursals. And you’d be lucky if you apply for a loan towards the end of the month when lending agencies are desperate to meet their targets. Your bargaining with the loan disbursal manager could fetch you some brownie points.
Choosing the Right Home Loan
Most banks and lending agencies have calculators listed on their sites that would help you to evaluate the EMI of your loan based on your annual income and financial determinants. Since you’re the best person to decide on how much you’d be actually able to pay back every month, you should make a realistic estimate of the EMI that you’d be able to afford depending upon your monthly. You should be aware that timely payment of EMIs is very crucial. Defaulting on their payments mean you’d have to pay a steep penalty. Ask some advice from www.switchnowhomeloans.com.au to help you choose the loan for you.
Going through the loan agreement
Read the loan agreement word by word. Go through the all the terms and conditions, especially the ones in fine print. If required keep a magnifying glass handy. Although your loan officer might nod to every thing you ask, it’s what contained in the contract that’ll finally count. Take legal advice if necessary. See Conveyancing Services
Over the term of repaying home loans, one might need to take a loan for meeting stamp duty obligations (a must during a property) or change the existing loan structure to a balance transfer loan and so on.