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Interest Rates Home Loans: Working Around Rising Rates

By Crowin Smith Subscribe to RSS | November 30th 2011 | Views:

Locking on your Mortgage on Fixed Rates

Despite getting the feeling that you have missed the perfect chance to switch to a fixed rate loan, you could still do so and take advantage of the ability to present your monthly payments in case another rate hike occurs.

All mortgages are interest rates home loans because they are all affected by the movement of the official rates assigned by the Reserve Bank. Despite the advantages of having your loan set on a fixed rate, it is still worth gambling to try the variable rate. That’s why you wouldn’t want to bet everything on a fixed rate loan. You can try going 50-50 by choosing a split mortgage, which allows you to set a portion of your loan on fixed rate and the other portion on variable rate. Of course, you’ll have the option to determine how much you are willing to put on fixed rate and how much on variable rate.

Consider Debt Consolidation and Refinancing

If you want to rid yourself free of debts, you can jump into the debt consolidation and refinancing bandwagon. You may not have the ability to start over with a clean slate but still you can manage your debts more effectively when you consolidate.

Combining all your unsecured debts into a single payment every month and consolidating them under a single lending institution allow you to take advantage of lower interest rates. Still, you must exercise precaution because refinancing would definitely cost you (i.e. exit fees). You might want to know first if the savings you can generate will outweigh the refinancing costs.

Make realistic payments

Before you decide on a repayment scheme to implement, make sure that you would be comfortable with it. You should see to it that you stick within your means by making payments that do not compromise your budget and overall cash flow. If you’re able to do this, you should have no problem making consistent payments.

Explore the market and find great options by shopping around

If you’re fixated on the idea of refinancing, it would do you good to shop around for the best bargains in the market. There are a lot of good deals out there and all you need to do is search. The current market trends have created a huge impact on brokers and the whole industry in general, creating a healthy competition. You just have to be wary of ongoing fees.

Consider making consistent and higher monthly repayments

When you commit to fortnightly or weekly payments, you can effectively lower your interest payments over time, allowing you to save more money. The rationale behind this is that more payments allow you to lower your principal loan amount, which in turn allows you to lower your interest rates home loans payments.

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