4 ways to save thousands on your mortgage. Page 2

Gem 3: Ignore the fees at your peril.

As previously stated, the interest rate is the most important aspect of a loan. That, however,

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doesn't mean you can ignore the fees. Everything from account keeping fees, redraw fees and break fees need to be added up. They do make a difference.

When comparing loans ( life insurance quotes ) make sure you get the Annual Percentage Rate (ARP). This rate shows you the real cost of a home loan by taking into consideration all the foreseeable fees and charges associated with the loan.

A low interest rate loan with hefty fees can end up costing you more then a loan with a slightly higher interest rate and low fees. Don't get caught out.

Gem 4: Mortgage reduction schemes can cost you big.

Mortgage reduction schemes have come into the home loan market more as a marketing and profit tool for the lenders and brokers then for the benefit ( life assurance ) of the borrowers. Some charge ridiculous upfront and ongoing fees, and in the end have little or no benefit for the buyer.

Most rely on sophisticated software to promote line of credit or all in one transaction accounts, with predicted savings based on unreliable assumptions - such as under estimated living expenses or unrealistic future spending patterns.

Users can find themselves trapped in a loan which is too sophisticated for their needs and can be a financial pitfall. The same benefits which ( remortgages ) are possible from these schemes can be gained from a standard loan with facilities for salary crediting and redraw.