The magic number: how does home loan rate stack up
Home Loan Rate: Things You Didn’t Know
Do you think you know enough about your home loan rate? Ben Tosi of Mozo shares about how your home loan rate stack up. According to research, 3.70% is the benchmark for home loan rates which means if you’re rate is higher than this you’re paying too much interest. This goes against the norm that you shouldn’t be paying more than 4.00% on you home loan. According to Mozo Director Kirsty Lamont, “By being on the lookout for more competitive rates under the 3.70% benchmark, homeowners have the potential to save hundreds of dollars a month and thousands of dollars on their home loan”
Here are some ideas to get yourself a cheaper deal.
- Haggling your way to a better home loan rate
- Refinancing with another home loan provider