Choosing the correct type of loan
Before embarking on one of the most important choices you will make in life, a choice which may affect you over a period of 15 – 30 years, it is essential to give serious thought to the type of mortgage you want to buy into. Some points you should consider are 1) the length of the loan; 2) the repayment plan; 3) will I incur penalties if I decide to pay off the mortgage before the agreed final date? 4) Is it possible to make repayments every 4 weeks thus enabling me to reduce the period of repayment? Apart from these points of course is the matter of the interest rate.
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