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Borrowers finding that interest rate movements have come as a surprise should take this as a signal that interest rates could shift at any time, according to a mortgage broker.
Home loan interest rates can shift at “any time, in any direction and by any amount,” according to Mortgage Choice CEO Michael Russell.
“Borrowers need to be aware of this changed interest rate environment and should be prepared to switch to a better suited lender and/or loan product. Otherwise, they may risk paying more over the life of their loan,” Mr Russell said.
Enlisting the help of a broker can help those borrowers who are considering refinancing as they can assess the overall costs and benefits, while taking into consideration interest rates, fees, features, services and accessibility.
“Now is the time for borrowers to make the right move and develop a much closer relationship with their local mortgage broker who will help them stay on top of the home loan market,” he said.
Interest is the amount of money charged by a lender or financial institution for a loan, which is calculated as the percentage of the principal amount paid over the loan term.
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