12 Quick Tips For Getting A Mortgage by:T. O' Donnell
1. Watch out for the 'Deal Of A Lifetime'
, the deal that seems too good to be true. The company may be saving money by cutting back on their level of service.2. When getting a fixed rate: get a written statement which details the interest rate, how long the rate is fixed for, and the conditions attached.
3. When interest rates fall: try and leave your repayments as they are. You will therefore be paying more than the minimum each month. You'll repay your loan much earlier. When rates rise again you may not have to change your payment.
4. Consider a fifteen or twenty year term. Try to pay off your mortgage quickly. Use a mortgage calculator with an amortization function, and see what's possible.
5. Keep your mortgage as small as possible. Aim for *comfortable* affordability.
6. Try not to 'churn' your mortgage. Each time you refinance you'll probably incur completion costs and non-refundable fees.
7. Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. This can be very expensive if you are planning to refinance or sell your house in a few years time.
You don't need to sign a mortgage agreement which contains any significant prepayment penalty, if you have good credit. One of the smartest things you can do with a mortgage is to prepay it.
8. Don't look for a home without being pre-approved. You will have much more negotiating power with the vendor, and may be able to save thousands of pounds.
9. Get a full, professional survey. Human beings can be perverse; happy to spend 150,000 on a house after a half-hour viewing, but be-grudge spending 500 finding out whether it's worth buying in the first place!
10. Find out the true value of your home-to-be. Get more than one independent appraisal. Compare it with the prices of similar-sized houses for sale in the same area.
11. Start gathering documents. Provide your mortgage company with documents in good time; don't let your rate lock expire!
12. Verbal (oral) agreements are worthless. When buying or selling property, always get it in writing.
A mortgage is the biggest financial committment most of us will ever make; worth spending a little time on, to get it right!
About the author
T. O' Donnell (www.tigertom.com/mortgages-uk.shtml) offers mortgage quotes, advice, an ebook and a mortgage calculator, in London, UK. 12 Month Loans-can Be Applied Online 12 Month Loans With Bad Credit Handy Cash Help Instantly Online 12 Month Loans: Only Through Online 12 Month Loans Online Money Lending Process For All Sorts Of Troubles 12 Month Loans Online Ideal Financial Assistance 12 Month Loans Online Greatest Online Advance Help 12 Month Loans No Credit Check: Plan Yearly Expenses With Short-term Loans Available Online. 12 Month Loans No Credit Check Enjoy Friendly Money Easily Online 12 Month Loans Easily Money Lending Process Online 12 Month Loans: Cash Help Online Up To 12 Months 12 Methods To Find A Good Copywriter 12 Great Things About Successful Real Estate Note Holders by:Richard Wills 11th in Series: How to Get Paid Taking Surveys and Other Creative Online Jobs