TAILIEUCHUNG - 24 Tips and Tricks

Beware of lenders bearing gifts. Introductory or honeymoon rates have long been an important marketing tool for lenders. You are initially offered a cheap rate on your loan to get you in the door but once the honeymoon period is over, the lender will switch you to a higher variable rate of interest. | bAỌ _J TIPS AND TRICKS This e-book was built to help you on your success journey by the team at OneLife. http Also our gratitude goes to those that write in with their experience to encourage and inspire others. http This e-book was built to help you on your success journey by the team at http 1. Skip the honeymoon Beware of lenders bearing gifts. Introductory or honeymoon rates have long been an important marketing tool for lenders. You are initially offered a cheap rate on your loan to get you in the door but once the honeymoon period is over the lender will switch you to a higher variable rate of interest. There are two problems with this scenario. First the variable rate is often higher than some of the lower basic loans available so you could end up paying more. Second you need to clearly understand that a honeymoon rate applies only for the first year or two of the loan and is a minor consideration compared to the actual variable rate that will determine your repayments over the next 20 or so years. You may also be hit with fairly steep exit penalties if you want to refinance in the first two or three years to a cheaper loan. So make sure you fully understand what you are letting yourself in before setting off on a honeymoon with your lender. 2. Make repayments at a higher rate A good way to get ahead of your mortgage commitments is to pay it off as if you have a higher rate of interest. Get a loan at the lowest rate you can and add 2 or 3 points to your repayment amount. So if you have a loan at about 7 percent and pay it off at 10 percent you won t even notice if rates go up. Best of all you ll be paying off your loan quicker and saving yourself a packet. Success story Harry Charalambous - Transformed Our Lives To Make Way For The Goals To Be Realized 3. Pay it off quickly Time is money. There are all sorts of strategies for paying less interest on your loan but most of them boil down to one thing Pay your .

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TAILIEUCHUNG - Chia sẻ tài liệu không giới hạn
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