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You should always shop around when looking for a loan. You are in a better position to negotiate than you might think, no matter what your financial situation. A fixed rate bond is usually considered to be the safest and securest type of loan. Mortgage loans tend to offer you several options such as adjustable rates, as well as interest only loans. You should check out all your options before locking in on any type of loan.
Negotiating your loan can save you thousands of Rands. Home loans can be sought out through several different lender types. Credit unions, commercial banks, thrift institutions, and mortgage companies will all offer home loans and each will have their advantages.
Your credit history and your financial situation are supposed to be the foundation for which your loan rates are decided so why do you receive so many different quotes. Each institution “Bank” will have offers for you and with each there will be differences. You should contact several types of lenders for quotes to negotiate the best deal.
You can contact a mortgage broker to find quotes from the many different places for you.
Make sure you ask all the right questions. Find out what type of down payment you are expected to pay. Ask what the closing costs will be. Find out what type of loan you are being offered?
You should find out if the rate you are being quoted is the lowest for that day or week or if you are being given a higher rate and if so find out why. Make sure you know if the loan is fixed or adjustable. If they cannot offer you a fixed rate with their lowest possible rate then move on to the next lender. Chances are if you know what you want ahead of time you can tell them what you expect and even if they say they cannot deliver when you move on you will most likely get a call later in the week with good news.
Keep in mind the lender is not doing you a favor by giving you the bond, you are giving them your business and you should make sure they are the best ones to handle it.
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