All Topics / The Treasure Chest / lender rates; are they higher than the banks

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  • Profile photo of AdministratorAdministrator
    Join Date: 2013
    Post Count: 3,225

    Recently I was advanced a loan for purchase of land at 6.98%
    Can I avail of the 5.99% fixed for 5 years.
    Do I have to finish construction before I can avail of the 5.99%.
    Do I have to be in the same state as the bank is located to avail of the rates
    Why am I paying a higher rate eventhough the fees and charges to the lender is paid

    Profile photo of johndjohnd
    Join Date: 2003
    Post Count: 25

    Hi Robert,
    Different finaciers have different products with varying Interest rates, I suggest you find your self a finance broker who will work for you and find you the best deal from a lender who can be located in where in the country.
    Having said that there are more factors to consider than just the Interest rates, ie set up costs, application fees, break out costs. valuation costs etc etc etc Finding the right loan can be a very daunting task, what I have done is found a broker that works for a brokering company that has none of its own products. He finds me the best deal that is available in the market that best suits my requirements at the time and this stratergy has worked extremely well for me.

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