It is an exciting time, buying a new home. There is so much to do, but first things first, how do you find the best home loan? The simplest solution is to work with a mortgage broker who will do the entire fieldwork for you.
In addition, one of the biggest advantages of using a broker is their ability to assess your needs, reduce the options and advise you on the best mortgage for you. You can also find out the best home loan lenders online.
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Generally, home loans fall into one of the following categories:
i) The standard variable loan: when you take a standard variable rate home loan for your interest will be charged at a variable rate determined by your bank or loan company. This is an attractive option when interest rates are high and expected to fall.
ii) A fixed-rate loan: this mortgage model allows you to lock in an interest rate agreed for a specified period or for the lifetime of the loan. This is a good option when the interest rates are low and should be increased.
Your mortgage broker will guide you in deciding the best option for you. This may be a combination of both types of loans above depending on economic conditions at the time you borrow.