Home Loan Tips:
A number of economists currently believe that a hike in interest rates is coming soon, and if interest rate are in fact raised you could find your monthly budget under pressure.
Your HomeLoan is will be most affected by a interest rate hike, your monthly repayments could increase substantially.
To beat a home loan hike, some financial experts advise homeowners to pay a little extra into their mortgage accounts very month to lower the effect of interest on your bond.
But, one there is another way to lower you home loan repayments.
Home Loan Switching is a growing phenomenon is South Africa, and has been common in the US and UK for many years.
By Switching your home loan from one mortgage provider to another you will receive a lower interest rate on your current outstanding bond amount. This means that your monthly repayments will be reduced, and the overall size of your home loan will be significantly smaller.
Tips to avoid being overly pressured by a rate increase:
– review your budget
– Identify your debts and pay off the most expensive debts first
– Fixed your home loan while rates are low
– Consolidate your high interest debts into your home loan at a lower rate
Speak to the consultant now for more information â€“ simply complete the short form online.