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You have to know that there are several things that you have to know before you get a mortgage. These things are very important because they will make the process quicker, safer and easier for you.

The very first thing for you to know about is the closing costs which are different fees that traditionally associate with the mortgage loan. As a rule, closing costs include the fee for title insurance, the appraisal fee, the processing and underwriting fees, the mortgage filing fees, discount fees and origination fees.

You have to pay proper attention to the discount, origination and processing fees. This is important because these fees are generally discretionary to the broker handling the loan. In fact, the origination fee has to be something about 1 per cent of the total loan amount while the processing fee has to be about $300. If there are discount fees, this means that you are paying some extra money up front in order to get lower interest.

The other important thing for you to know about is appraisal. You have to know that the amount of the mortgage is based on what the property is worth in the market and the appraisal is what establishes this amount. As a rule, appraisal takes into account the features of the house and its age, the amount of square feet of living space as well as recent sales of similar properties in the same neighborhood. You have to know that the appraisal is a reflection of the current local real estate market.

You have to be prepared for the mortgage loan process to take not less that a month. Of course, there are some exceptions, but it is a rare case. Today the mortgage loan process is complex and detailed process with different components. And if any part of the process is delayed, the whole mortgage loan is delayed.

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The decision to buy a home is one of the biggest decisions you will probably make – and one of the most expensive. Picking your home loan is almost as important as picking the home itself. St. George will guide you through the research process of the type of loan you want, help you know what it is you can afford to borrow, and make sure you know all the costs involved so you get the home loan that best suits you. There are some other very simple steps that can make your decision more accurate like checking fixed rate loan packages before your finalize anything.

Basic Home Loan
With St. George, you have several different options to choose from for your home loan. Starting with a Basic Home Loan, you are looking at a loan with lower rates than the Standard Variable rate loan. The main advantage of using this is you can easily check st george home loan comparisons online.You do have fewer features with this type of loan, however. Some of the features of this loan include repayment holidays, additional repayments, a redraw option where you are able to take money back out that you have already paid on the loan, the ability to split the loan and no ongoing account service fees. This loan has a 7.22% variable interest rate and the term is 3 to 30 years.
Standard Variable Rate Home Loan
With a Standard Variable Rate Home Loan with St. George, you are getting their most flexible home loan. It includes the features of the Basic Home Loan, plus has other features like a 100% Mortgage Offset, an interest only payment option and a Lo Doc version that is designed for the self-employed. This loan also has a monthly service fee of $10. This loan has a variable interest rate of 7.80% with a term option of 1 to 30 years.

Fixed Rate Home Loan
The Fixed Rate Home Loan that St. George offers allows you to fix the rate of the loan for up to five years. At the end of this period the rate goes back to the Standard Variable Rate. This loan also offers features of other loans like the Interest Only Payment Option, Repayment Holidays, Additional Repayments and the ability to split the loan. This loan’s interest rates vary from year to year, starting at 7.19%.

Discount Variable Home Loan Advantage Package
After reviewing the three main types of loans St. George has to offer, there are then different variations of these loans to look at as well. One if these is St. George’s 1 Year Discount Variable Rate Home Loan Advantage Package for a $250,000 + loan. It has a discounted rate of 7.10% for one year, than goes back to 7.55%. This package includes other St. George products such as a credit card and a transaction account. Buying this package gets you everything included at a discounted rate. The loan itself is still loaded with features many features of their other home loans. There are other variations of this package for home loans of different amounts.

Standard Variable Rate Home Loan Advantage Package
Another option is the Standard Variable Rate Home Loan Advantage Package for home loans of $250,000 +. This loan also has an advertised variable rate of 7.10%. You get a combination of St. George products here as well, again including a credit card and transaction account. You can choose between their Platinum Credit Card, Vertigo Mastercard, a Gold Rate or Amplify Card for no additional annual fee. It comes with all the features and benefits of the regular standard variable rate home loan, as well as packaging the other products together with it to help save you money.
St. George has many other loan options as well to help you make the right choice. With St. George bank, you do not have to worry about being able to find something that fits your situation. You can start with their calculators to help you figure out the right fit, and speak with one of their home loan experts to help you make the final decision.

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