east west mortgage

East West Mortgage

Whether you want to finance a major project, trip or other purchase, structure debts to take advantage of lower interest rates and tax-deductibility of interest, or refinance a higher rate line of credit or loan that you currently have with another institution, a home equity loan allows you to access the equity in your home to achieve these goals.

Loans secured by your home are always large amounts that you'll pay off over a long period of time. So you'll want to get the best deal possible.

There are a large number of mortgage lenders accessible online, such as East West Mortgage. All you have to do is get on the Internet and spend a short while on research. Shortlist from the results you get, according to your priorities. Make sure that you inquire about the interest rates, types of loans before signing the contract.

• If you choose a fixed rate, such as that offered by East West Mortgage, your monthly repayments will not change for the period of the fixed rate, regardless of the interest rate in the market place. This may be important to you if you have a limited budget as you are protected from rising interest rates. However, if the variable rate falls below the fixed rate level, your repayments will not fall. At the end of the fixed rate period your mortgage will usually be converted to a variable rate.
  


• A capped rate mortgage has a maximum interest rate for a given term. The interest rate you pay cannot go higher than the agreed capped rate, thus you know the maximum amount your monthly repayments could rise to. However, if the basic interest rate falls below the capped rate, repayments will also reduce.