Easy Ways to Get a Good Mortgage Deal
First Published Date : July 26, 2009 ADawnJournal.com
Finding the right mortgage is something that is becoming increasingly important for property buyers in a world which is more unforgiving than it ever has been towards bad debtors. As far as getting the mortgage you want is concerned, it is vital to ask yourself some questions be sure that you are giving realistic answers. The most important questions are as follows:
– How much can I realistically afford to pay, per month, to my mortgage?
– How long can the amortization on the mortgage be – how much longer will I have the ability to make these payments?
– Do I have options if I lose my job/fall ill? Will insurance cover the payments, or can someone else meet them for me?
The above are the instant questions which require immediate answers before you can in all good conscience move forward with a mortgage application on a property. If, at any given time during the process, the answers do not line up for you, you will need to put your application on the back burner. As the questions above are sequenced, so your priorities must also be. Before anything else is taken into account, you have to be sure you can make the monthly payments. This requires sitting down, working out what you have coming in and going out every month, and seeing what you can save if you need to.
The above can be done manually, or equally it can easily be done online with one of the vast range of online mortgage calculators. These are generally extremely simple websites which have a series of boxes to fill in, allowing you to break down your income and expenditure. The more advanced online mortgage calculators will be attached to comparison sites which will take your details and show you which lender has the best mortgage for you. A few words of advice regarding their use, though – using one mortgage calculator and comparison site will leave you with one view on the matter, so it is better to use two or three to ensure that you are happy with the accuracy of the information. Additionally, be as honest and as realistic as you can with the figures you enter. Different lenders will give the best deals to different borrowers, and a lie or a miscalculation could set you back considerably.
One thing you should always keep in mind is that although the many online resources for mortgage borrowers can be extremely helpful, not all are 100% independent. It is more than possible to visit a website looking for mortgage advice and come away with the strong impression that a particular bank is by far and away the best one for your purposes. This may be true, or it may be a carefully created impression that was always going to emerge from any research carried out on that website. Companies are not beyond putting up sites that have no visible connection to them, in order to support their positions. The best way to avoid falling victim to this is by using a range of sites.