Using a loan to purchase your home. Page 2

Ask yourself a few basic questions:

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What is Mortgage Life Insurance?: Mortgage Life Insurance is also commonly known as Mortgage Protection Insurance.
What is Family Income Benefit Insurance?: Family Income Benefit Insurance will provide a monthly payment to the family until the end of the policy’s term, following the death of the policyholder.
What is Income Protection Insurance?: There are two variations of Income Protection Insurance: - Short Term Income Protection and PHI or Permanent Health Insurance.
Will I need a medical?: This depends upon your medical history and the exact plan you have chosen.

1. How long will I live in the ( remortgages ) house?

2. How much money do I want to use for the down payment?

3. How much do I want to pay each month?

4. Do I think interest rates are going up for the long term, down, or sideways?

5. Do I have enough liquid assets to satisfy my ( secured loans ) lender's reserve requirement? (Confirm your reserve requirements with your mortgage advisor.)

6. Have I been employed in the same line of work within the last two years?

7. Can I verify at least two years of rental or mortgage history?

Once you have the answers, you will be ready to consult lenders to help you clarify your goals and find loans that are tailored to suit you. Don't be afraid to ask your lenders any questions you believe are important, compare prices and terms, and be honest. If their ( personal loans ) competitor offers a better deal, say so. They will probably try to beat it, and by doing so, you'll come out a winner.