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An introductory home loan is generally a home loan which has a discounted rate of interest for a period of time. After the introductory period the home loan will normally revert to a higher interest rate.

Introductory home loans normally will have variable rates of interest. There are some excellent introductory rate home loans available today. Some are better than others, it really depends upon the interest rate offered, the time the introductory interest rate period will last for, any fees associated with the home loan (like application or monthly fees) and what the interest rate reverts to after the introductory period has completed.

It's a fact - qualifying for a mortgage is a thing that is definitely not taught in schools (or even university). Most people think of the traditional bank giving us a mortgage But that idea is not always the case.

If you are thinking about an introductory rate mortgage, it is advisable to look at the fees linked to your Forster home loan, and think about what your payments might be once the introductory interest rate period has finished.

The rates of interest on introductory rate home loans following the preliminary cheaper period could be costlier than a discounted basic home loan, so even though initially you may think you have an excellent rate of interest, it might change the moment the introductory rate period has completed.

With a few banks or lenders you may be able to switch the introductory rate home loan to another mortgage once the introductory rate period has finished. There might be a switch fee involved, which could cost you from $300 or more. A few banks or lenders though, with introductory rate home loans, won't let switching of the home loan, or perhaps the charge might be very high if you wish to change to an alternative mortgage loan after the introductory rate period has finished.

At some stage in their lives most homeowners will undertake the process of refinancing their home. They do this for a number of reasons.

It is important to understand all of the charges associated with your home loan. As with certain introductory home loans, it might seem cheaper, depending on the opening interest rate, but in fact, it may be more expensive ultimately, when you consider all the charges involved.

A reverse mortgage is in fact a loan using one's house or other properties with capital value. The difference with the standard mortgage loan is that the situation is reverse. The lender or creditor is the one making the payments instead of the homeowner or debtor.

Forster mortgage brokers will be able to assist you to understand the costs with introductory rate home loans, and perform a comparison to other home loans, to determine which are more perfect for your needs and therefore are cheaper for you.

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