How To Negotiate A Better Rate On Your Mortgage
In this era of record-low interest rates, you might think you would automatically get the best rate on your mortgage.
Unfortunately, that’s not the case. By doing a little bit of homework, you could shave tens of thousands of dollars off the interest you’re paying on your mortgage.
Shop around for the best rates in the marketplace, don’t settle for the lender you traditionally bank with just because it’s comfortable.
Getting the best deal on your interest rates all starts with doing your research. If you know what the best rates in the marketplace are, then you can make an informed decision and you can then negotiate.
Generally speaking, different interest rates will apply depending on the type of borrower you are.
If you have a clean credit history, a stable income and require a lower LVR, then expect that most lenders should be happy to lend to you and offer a lower interest rate.
On the flip side, if you are looking at a high LVR interest only, investment loan, without full documentation of your income, then most likely lenders will assign you a higher risk and therefore a higher interest rate.
It is always recommended to do your research and seek advice from mortgage professionals.
Have some questions about your mortgage? https://www.smats.net/finance/