These 3 things should determine the fixed terms you choose

It's important to remind ourselves that the interest rate on your mortgage is simply the cost of servicing your mortgage and choosing a lower rate doesn't necessarily mean you will pay your mortgage of sooner.

When it comes to refixing existing mortgage components or setting up your structure, if you are refinancing or a first time mortgage holder there are three things you can turn your attention to before you decide on a rate.

These three things can help you have confidence in your decision and avoid you further down the track wondering if you made the right choice.

Interest rates will go up and down as long as you have a mortgage so don't focus on the interest rate focus on these three things first if you are serious about paying your mortgage off sooner.

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