The latest Tokyo quote has added enough fees to make the headline rate a poor guide, which raises a new comparison problem. It is 4.32% with a 15-year fixed period on a purchase of about ¥64,260,000, and the applicable loan-to-value band also affects the terms.
Should I compare the lenders using APR, the cash paid during the fixed period, or the cost up to the point when I am realistically likely to leave the loan? I may repay early or move, so portability and exit charges could matter.
I also need to clarify what happens after year 15. If a balance remains and the rate resets, that risk may outweigh a modest saving on the initial fees. What figures would you ask each lender to provide on the same assumptions?
Should I compare the lenders using APR, the cash paid during the fixed period, or the cost up to the point when I am realistically likely to leave the loan? I may repay early or move, so portability and exit charges could matter.
I also need to clarify what happens after year 15. If a balance remains and the rate resets, that risk may outweigh a modest saving on the initial fees. What figures would you ask each lender to provide on the same assumptions?