A mortgage loan may have certain hidden charges, beware of these. If you are a first time buyer it is advisable to go through a guidance manual which will help you understand the intricacies of a mortgage. It takes some time of yours to go through the manual and it is a must as you are pledging your valuable collateral against it.
You are considering a long duration loan, see if you want to stretch your loan period for long? Say about 15 to 25 years would be ideal for those who can't afford huge equated monthly instalment every month and would want to pay less but over a stretched period of time. If you have sold your shares and property and have a lot of cash all of a sudden, you can decide to pay your mortgage earlier than that period.
But, cross check with your bank what is the penalty you need to pay in case you pay back early. Just cross check with the rate of interest you would save by paying off early. If it is really lucrative, then you must try taking this wise decision.
It is advised that you read the fine print carefully so that there is no confusion. You must be aware of the options open to you. If it is for pub finance, you must be aware that there are pub brokers, bankers and brewery owners to help you out.
Getting your liquor supply and your loan from the brewery owner would be a good idea for your bars, pubs or night clubs. They may offer you discounts on liquor supply as well as your loan interest rate.
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