Initially, we all want to know what are the best mortgage interest rates on offer from the lenders.
However, going with the lender that has the best mortgage interest rate may satisfy one of your requirements.
As outlined below you may have other requirements that need to be met prior to selecting the lender with the best mortgage rates to move forward with.
What do you need to consider when looking for the best mortgage interest rates?
These are all considerations when looking for what the best lender to move forward with.
Which Bank? – When applying for a mortgage it is hard to know which lender will meet all or some of the above requirements.
Each lender will tell you that their mortgage interest rates are the best, and that their suite of products will meet all your requirements.
Once you have discussed the above with 3 or 4 lenders, you then need to interpret what each of the lenders have told you and try to decide on which lender you will go with.
Mortgage Structure – Yes, we want a competitive interest rate, but focus also needs to go onto what your plans are with the mortgage. If you want to reduce interest cost over the life of the mortgage, then consistently having the mortgage structure that allows you to achieve this becomes very important.
Meet your requirements – As mentioned above, initially we all want to know what are the best mortgage interest rates. However you may need to select a lender that will lend the amount required, has the mortgage products that you want and is happy to use the type of property you wish to buy as security for the banks mortgage.