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What is the best interest rate I can get?

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This is a loaded question as with housing loan rates sometimes all is not always as it would appear. A lender may have a fantastic special rate of 6% for the first 12 months however dependant on your circumstances this may not be the best overall deal available. This is normally due to the rate then increasing after that initial 12 months to a much higher rate and it may also have other fees associated with the product. The best and only way is to calculate the “true” rate (known as a comparison rate) which takes all fee’s into consideration and will give you a rate on your loan for the term. I have the software available to calculate the comparison rate for any loan and then compare that loan to others. Then I am able to demonstrate that in actual dollar savings over the term of the loan and in some instances this can be many thousands of dollars. So the lesson here is also the need to read the fine print as in the previous question and ensure you are aware of all of the additional costs and features.

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