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12 Quick Tips For Getting A Mortgage
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!
Good time to refinance your mortgage? (WKTV Utica) (WKTV) - If you are in the market to buy a home, it's a really good time, but if you're selling, it's not so good. But how about re-financing your mortgage?
Avoiding your own mortgage collapse (The News Journal) It used to be that homeowners struggling to meet their mortgage payments had two options -- refinance or sell the house. Foreclosures happened mainly to those who lost a job or suffered a medical misfortune.
4 things to know before you refinance your mortgage (Bankrate.com) The Federal Reserve's decision to buy up mortgaged-backed securities caused mortgage rates to fall and created new opportunities. Should you refinance your mortgage now? Before you rush to refi, take a few minutes to determine if it's the right move for you.
Some buyers may see higher loan rates (Boston Herald) Anyone looking to buy or refinance a relatively costly Greater Boston home should move quickly if they want to avoid higher mortgage rates. That's because federal...
Shopping malls, hotels near mortgage default; more looming (The Columbus Dispatch) WASHINGTON -- Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.
