Home Loan Balance Transfer - Opt or Not?
A Home Loan balance transfer allows borrowers to shift their Home Loan Balance from one lender to another.
But Why Shift to Another Lender?
A home Loan is a long-term commitment and borrowers might want to switch to other lenders for:
Lower Interest Rates
Reliable Customer Service
Things to consider when opting for Home Loan Balance Transfer
Reputation of the new lender
Amount you can save from the interest rate
When is the Best Time to Transfer the Home Loan Balance?
1. In the Initial Stage
If the Home Loan is near its maturity, it makes no sense to incur additional costs in transferring it.
2. When you Have a Higher Outstanding Amount
With a higher outstanding balance, you can save a significant amount by switching to a new lender which offers lower interest rates.
3. The Overall Cost is Low
Consider the fees of Home Loan Balance transfer and the perks offered by the new lender. If you find the deal profitable, go for it.
Thinking of Transferring your Home Loan Balance?
Connect with our representatives today