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It is desirable that first home buyers contribute a minimum of 5% 'genuine savings' as a deposit towards the purchase. If 'genuine savings' are not available options for approval still exist. However, the criteria used to assess your loan is more stringent. Obtain All Important Cost InformationBe sure to get information about
equity loans from several lenders or brokers. Know how much of a
payment you can afford, and find out all the costs involved in the loan.
Knowing just the amount of the monthly payment or the interest rate is not
enough. Ask for information about the same loan amount, loan term, and
type of loan so that you can compare the information.
No one loan is right for every homeowner. The challenge, then, is to
contact different lenders, compare options, and select the home equity
credit line best tailored to your needs.
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