Mortgages: Compare Mortgage Lenders
When deciding to take out a mortgage on your new home or preparing to re-finance your current home, don't just go to the first mortgage company you like the look of! Take your time to do some research beforehand; otherwise you may regret making a hasty decision.
Choose several companies that are offering attractive deals and try to find out as much as you can about them first. You may want to consider doing an online serach to check out the reputation of the companies you are considering and how long they've been around. Ask friends and family which mortgage companies they are with and find out how easy or difficult they are to deal with. Also compare the interest rates you'll be paying and whether the payment terms are satisfactory and affordable for your personal circumstances.
It can be well worth going to an independent financial advisor as they will often have background information on the mortgage companies you are considering and they may also be able to get you a deal you wouldn't have been able to negotiate yourself.
If you're doing all the hard work yourself, then make sure you understand what you are taking on and what your monthly repayments will be. Use online mortgage calculators to help you with your calculations and consider what will happen to your repayments should interest rates increase or decrease. When working out how much you can afford to repay, don't forget to take into account other bills such as electricity, gas, telephone, council tax, grocery, socialising, clothes and so on. Also take into account any current loan repayments you are making and credit card repayments. Make a realistic budget that you know you will be able to stick to before agreeing to take on an expensive mortgage. After all, if you begin to miss or avoid making payments you may well lose the house you've just mortgaged.
Finally, when comparing mortgage lenders make a list of things to consider for each company you are thinking about. This should include the loan terms, the monthly repayments, the interest rate you'll be charged, the total amount repayable, the length of any special introductory deals, service charges and so on.
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