Comparing Home Loans

If you’re like most people and you’re searching for the best mortgage to suit your needs, then the most obvious place to begin is to seek out the cheapest possible interest rates.

Unfortunately the cheapest interest rate isn’t always the cheapest overall option for everyone. The only way to really determine what features, costs and benefits your mortgage can offer is to do a mortgage comparison.

What Does a Mortgage Comparison Do?

A mortgage comparison allows you to compare different interest rates available from multiple lenders so you can see at a glance exactly what you’ll be charged.

The best part about a mortgage comparison is that you can also determine any other fees and charges that might be associated with the total cost of your mortgage. These are the forgotten fees, like application fees or monthly account keeping fees or even early repayment fees that some lenders charge.

A mortgage comparison can also eliminate any banks or lenders from your search that won’t offer you the type of loan you want to achieve your purposes.

A good example of this is that not all mortgage types allow construction home loans. If you’re building a new house, then choosing a mortgage that doesn’t allow construction won’t be very helpful to you.

Why Do I Need a Mortgage Comparison?

When you’re searching for the right mortgage for you, it’s important to compare more than just the interest rates and fees that might be charged. You should also be comparing the range of benefits and flexibility options that might be available on a loan.

For example: if you plan to use a redraw facility at a later point and you opt for a mortgage that doesn’t have a redraw option attached, then a mortgage comparison would have pointed out this feature before you signed your documents.

When you enter the parameters of your mortgage comparison you have the option of including features such as early repayments without penalty, the option to switch your loan to a different loan product within the lender’s range or even just the ability to use your loan for construction purposes.

By entering your criteria for the type of mortgage you want and the future uses you want it to achieve for you, you’re then able to choose the right mortgage for your personal financial needs.

How Do I Get a Mortgage Comparison?

While there are plenty of basic online mortgage comparison websites available, these only offer the basic options. To get a more detailed mortgage comparison that is tailored to suit your own specific needs, then contact one of Origin Finance’s professional mortgage brokers to arrange your free, no-obligation mortgage comparison consultation today.

Click here to contact your local Mortgage Advisor