Here's why you will be paying more for your home loan than you realise
- There are hidden costs involved when buying a home
- A prospective homeowner will need life insurance, retrenchment, and disability cover says expert
- Private wealth manager advises prospective homeowners to consult properly before filling in the paperwork
When applying for a home loan, it seems easier to agree to the insurance cover that is offered along with the home loan. However, there is a good chance that you will be paying more than you should be for this insurance. There are various hidden costs that are snuck into the offer and if you're not sure how to navigate this, we have you covered.
Evelyn Doubell, Private Wealth Manager at NFB Wealth Management discusses some of the hidden costs in home loads, and how to avoid them.
You are going to need to have life insurance cover.Evelyn Doubell, Private Wealth Manager - NFB Wealth Management
You will need to afford your bond should you be retrenched.Evelyn Doubell, Private Wealth Manager - NFB Wealth Management
The conveyancers and bank staff do this all day she says and while they are explaining what you are signing it is important to take your time and say what is needed to secure this home loan - life insurance cover, retrenchment cover, and disability cover.
Buying a house is a big step and it is important to consult.Evelyn Doubell, Private Wealth Manager - NFB Wealth Management
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