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| Are Interest Rates All That I Should Look Out For? |
Interest rate sensitivity has always clouded the best judgment of most homeowners and property purchasers. Not knowing any better, a common mistake made by many is to go for the lowest possible interest rate without looking at the limitations of the overall package. The reality is that the lowest rate offered is almost always the most volatile – and it certainly comes with limitations imposed. It is important to know the full exposure of a variable rate package and the extent that it can affect one’s investment should the interest rate surpass your expectation.
Other than interest rates, there are more important aspects to look into:
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transparency and stability of the interest rate, |
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historical rates and market positioning of the respective financial institution (FI),
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proposed rate after the initial promotional period, |
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flexibility of the packages, |
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features like partial and full prepayment, loan mobility, |
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other facilities like gearing up term loan, overdraft, business loan, |
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limitations like lock-in period, penalty, and claw back, |
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freebies and subsidies, |
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credit assessment and guidelines of the respective (FI), |
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approval considerations. |
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Speak to our Experienced Mortgage Advisors to have a complete understanding of the housing loan market and have a detailed housing loan plan provided to you completely FREE OF CHARGE without any obligations.
Contact us immediately for your personal copy of “HOUSING LOANS 101, Your Complete Personal Guide”, which is packed with valuable nuggets of mortgage related information for all your housing loan needs compliments of MoneyMind.
Speak to us @ 6100-SAVE (6100-7283)
or
email us at save@moneymind.com.sg.
If you are a Housing Agent, call us @ 6100-CASH (6100-2274).
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