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Wednesday, May 25, 2011

Top Ten Tips - How to Get the Best Deal on Your Mortgage

Top Ten Tips - How to Get the Best Deal on Your Mortgage
Taking out a mortgage loan just doesn't finish your job. You are the one who has taken the loan so take care of paying it back because that might create a problem for you. To be paying it back comfortably you need to get the best deal. With the market flooded with mortgage packages, it gets very hard to choose the right one.
Even if you know what you want some packages are so confusing that they make you do thinking again.
So, how do you get the best deal? The best way to do it is by taking the following 10 steps and be assured that you are getting the best deal.
1. Make a list of things that you require in your mortgage like the rate of interest and the time period. This will narrow down your choices. You will be able to figure out what type of loan you want.
2. Consult a broker because you might not know all the available deals in the market and the broker just might be able to hook you up with a great one.
3. Since you are the one who is taking the mortgage, you should consider comparing offers. Comparing different offers will give you an insight into what is being offered and how does it benefit. This will help you rule out the unwanted offers.
4. Don't settle on the first mortgage offer that you get you should look out for other offers as well. You might feel that this offer might be best for you but look around because you might be missing something that the other offer is covering.
5. Once finalized on the offer make sure that the company is genuine. It is often that the company is a sham and you end losing. So, to avoid that do a proper background check on the company.
6. Look out for the fancy language that is used in the mortgage packages. Try reading between the lines and know what they are actually conveying. You know what is best for you so don't get confused.
7. Don't forget to consider the application fees because usually that is ignored and causes trouble in the end as.
8. Everybody wants a lower rate of interest but don't just be lured by this line. Be sure that by offering you low rate if interest you are not compromised somewhere else. Be sure about the lender because many try to trick you into paying higher interest or unnecessary insurance premiums.
9. Be sure that you are comfortable with the exit penalties coz you never know when the market changes its course and you get a better offer. And when you get a good offer, you don't want to be tied down to the previous one.
10. Consult a financial advisor before you finalize a deal. Read your contract carefully to avoid any confusion later on. Don't mind asking questions. You are putting your property at stake so be clear and ask as many questions regarding it as you want.

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