Loan Shopping List
We have compiled a shopping list of all the important aspects of your loan. Our experience has told us that often verbal assurances may not occur, this combined with the likelihood that you may not understand a verbal loan offer until it’s too late, makes us suggest that you get each financier to provide written answers to each of your questions.
The most important element of your loan is flexibility. Your loan needs to grow with you and support your investment needs with a minimum of fuss and disruption. Every lender is different and will have some advantages over others. Specialist Mortgage is dedicated to arranging finance that best suits your personal circumstances and we will communicate all the features, fees and charges across hundreds of different loan products, contact us today.
What is the establishment or application fee and is it refundable if you do not proceed?
Total Set Up Costs
What are the total costs of your loan including documentation fees, handling or attendance fees, valuations, stamp duty, registrations and other disbursements.
What is the current gross interest rate, both fixed and variable? What interest rate fluctuations have occurred in the past and what are the expectations in the future? What method of interest calculation is used? Daily, monthly or six monthly? The more frequent the rests the better?
How long a period can you take the loan over and can it be beyond age 65?
What penalties are charged if you pay the loan off earlier than expected or want to make a principal reduction?
What is the lending ration and will it differ greatly upon valuations?