All lenders are legally required to display a comparison rate when advertising any type of loan product.
A comparison rate is derived from :
· The amount of the loan
· The length of the loan
· The repayment frequency
· The interest rate
· The fees and charges of the loan
The purpose of a comparison rate is to help consumers
identify what the true cost of a loan is.
It includes both, the interest rate, fees and charges,
combined into a single percentage figure.
The comparison rate is useful for borrowers to compare the
cost of different loans but it is important to consider all of a loans
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Sunday, 26 January 2020