09:28 15 June 2013
Buying a new house is one of the biggest financial decisions one can ever make in his or her lifetime. As this is usually a long-term commitment, you need to make sure that you’re getting the best mortgage deal available to you. Here’s how you can do that:
However, with this option, you do not reduce your outstanding balance. In order to pay for that, you’ll need to pay into separate savings account or investment so you can pay the whole amount at the end of the term.
Meanwhile, repayment mortgage means that you make monthly payments that include interest. Doing this helps you gradually pay off the outstanding balance. At the end of the payment term, you’ll own the property.
Read the second part of this article for the last 3 steps in finding the best mortgage deal.
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