Are you thinking of getting a mortgage? It may be your first home mortgage or you may already have a few, either way here are two general tips that you can employ to help get you the right mortgage.
Use these and hopefully the majority will find a mortgage that suits your needs.
1) Shop around: Shop till you drop.
Make sure you have a good look around before you before.
If you're not sick and tired of looking for a home loan yet then you probably haven't shopped around enough.
The more choices you have the better.
Also by shopping around you will become aware of the full variety of choices available to you, you start to learn what the mortgage market can offer you for your specific needs.
You need to completely understand what is available in terms of choice, and once you do you will be able to make a much better informed decision.
2) Set a budget: This is where most people slip up.
It usually happens like this; you've found the home of your dream, the only problem is it's just out of your price range and you really have your heart set on this house.
So you decide to go down to the bank and see if they can help you.
The bank of course lays out a great looking mortgage for you, even though you think to yourself the repayments are a little steep you sign on the dotted line because you figure you'll just try to save a little more or work a few more hours.
However you end up justifying it you get a big fat mortgage you can't pay off.
All this is great until you or your partner lose their job, or family crisis happens, and the repayments can't be met (everyone thinks it won't happen to them, but trust me it happens).
The bank that was so nice to give you that great looking mortgage isn't so nice all of a sudden because you can't meet your repayments.
They eventually foreclose on the house and your dream home is gone.
I have seen this happen all too often.
Set a realistic budget that you can afford to pay off and stick to it.
If you follow these two tips then you are well on your way to finding a great mortgage.
Just remember that you may be stuck with this decision for a very long time.
Don't mess it up.
Use these and hopefully the majority will find a mortgage that suits your needs.
1) Shop around: Shop till you drop.
Make sure you have a good look around before you before.
If you're not sick and tired of looking for a home loan yet then you probably haven't shopped around enough.
The more choices you have the better.
Also by shopping around you will become aware of the full variety of choices available to you, you start to learn what the mortgage market can offer you for your specific needs.
You need to completely understand what is available in terms of choice, and once you do you will be able to make a much better informed decision.
2) Set a budget: This is where most people slip up.
It usually happens like this; you've found the home of your dream, the only problem is it's just out of your price range and you really have your heart set on this house.
So you decide to go down to the bank and see if they can help you.
The bank of course lays out a great looking mortgage for you, even though you think to yourself the repayments are a little steep you sign on the dotted line because you figure you'll just try to save a little more or work a few more hours.
However you end up justifying it you get a big fat mortgage you can't pay off.
All this is great until you or your partner lose their job, or family crisis happens, and the repayments can't be met (everyone thinks it won't happen to them, but trust me it happens).
The bank that was so nice to give you that great looking mortgage isn't so nice all of a sudden because you can't meet your repayments.
They eventually foreclose on the house and your dream home is gone.
I have seen this happen all too often.
Set a realistic budget that you can afford to pay off and stick to it.
If you follow these two tips then you are well on your way to finding a great mortgage.
Just remember that you may be stuck with this decision for a very long time.
Don't mess it up.