Best loan

Resources to get the best loan

Unless otherwise noted, the links in this post will direct you to another website / resource outside of Anasova.

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Overview

  1. Low-cost debt should be used as a tool.
  2. High-cost debt should be avoided and eliminated.
  3. The line between low-cost and high-cost is approximately 5%.
    • Keep debt with an interest rate under 5%.
    • Avoid and pay off debt with an interest rate over 5%.

 

How you should borrow

Mortgage

The majority, if not all, of your borrowing should be in a mortgage.

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Use LendingTree.

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Estimated value to an individual of the right solution

  • Getting the right solution can be worth 0.25% to over 1% of the amount you borrow, per year.
  • Getting the best product within that solution type can save an additional 0.25% to 0.75% of the amount you borrow, per year.
  • Combined: on a $500,000 home, one can be looking at saving between $1,250 to $7,500+ per year.

 

Wealth management loan

All of your borrowing, outside of a mortgage, should be through a wealth management loan.

 

Other forms of borrowing

You should try to avoid other forms of borrowing. If you must, here are resources to get the best rate on other loans.

Car loans

Tips to get the best deal on a car loan

Home equity

Student loans

  • See if your company has signed up for iontuition. Exceptional student loan resources.

Personal loans

Credit cards

 


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