Why do interest rates keep rising? What is the US sub-prime crisis and how does it affect me? These are just some of the questions that get answered in Resi’s FREE Home Loan Navigator. This easy-to-use booklet was created by leading non-bank lender, Resi Mortgage to help the many borrowers out there gain a better understanding of the current mortgage market.

 

According to Resi Mortgage, rising interest rates are being felt by a lot of borrowers who are now forced to curb their spending.  The Navigator is about helping borrowers make an informed decision about their existing loan or when taking out a new loan. Borrowers should also speak to their lender, because a simple conversation can arm them with financial strategies to improve their overall situation.

 

Part of the service their lender should offer is to explore all available options - it’s what they do every day.

 

Some suggestions that borrowers can consider before taking out a loan or when switching lenders are discussed in the Navigator. These include,  

-          Making extra repayments. Even a little bit of extra money can wipe years off a loan.

-          Interest only repayments. Switching to interest only repayments you temporarily reduce any ongoing commitments.

-          Switching to a fixed rate. This can protect borrowers from interest rate fluctuations and set the repayment schedule for a fixed mortgage term. Fixing only part of the loan can give borrowers the flexibility of a standard variable loan and the peace of mind knowing what to pay every month.

-          Change repayment frequency. Paying fortnightly results in more repayments each year, reducing the term of the loan and the interest paid.

-          Extension of Loan Length. By extending the length of the loan, repayments are spread over a greater period, resulting in a reduction in repayment amounts.

A person’s circumstances can change many times, for many reasons, within the life of a loan, and loan conditions should be adjusted to reflect this. The Resi Navigator will help guide borrowers through the home loan market. To obtain a FREE copy of the Resi Navigator fill in the form below and ask for your FREE copy of the Navigator.

Error loading the control 'Apply_AskAQuestion': Value cannot be null. Parameter name: virtualPath