Mortgage Refinance Tips | Get Lowest Mortgage Rates in 3 Easy Steps
May 27, 2010
Refinancing allows 3 Steps to Get Lowest Mortgage Rates :
1) Know when to lock the mortgage rate
2) Choose a direct lender/broker that you can trust
3) Find the lowest rates as they are always changing.
Overpaying your Mortgage
January 28, 2010
Save thousands by overpaying your mortgage.
Interest Only Mortgage Tips Video
December 14, 2009
Interest Only Mortgage Tips Video Summary
Interest-only mortgages are loans that only require the interest be paid every month. These are good loans for quickly rising property values. Decide if an interest-only loan is a good form of investment withtips and advice from an experienced financial adviser in this free video.
Online Mortgages tips
February 7, 2009
Headline-grabbing interest rates
If it’s too good to be true then it probably is. Remember, mortgage lenders want to make money, so wont give something away for nothing. Watch out for hidden catches and other strings attached
Don’t just look at the interest rate. Look at all of the associated fees too. This will help you work out the true cost of the mortgage. There are a whole range of fees which you may have to pay, for different things:
House Buying Process Fees
Legal / conveyance fees
Conveyancing is the legal process for transferring the title to property. You’ll probably need to pay a solicitor or conveyancer for this, although you can do it yourself if you know what you’re doing. If you’re buying and selling a house, you have to pay for both deals. The solicitor usually also deals with any stamp duty that is payable.
Survey Fees
You should always consider whether to have your own survey done, which will highlight any shortcomings in the new property, like damp or dry-rot in the roof. The price of the survey could save you a fortune on unforeseen repairs in the future.
The seller of the property in England or Wales must provide a Home Information Pack. This may contain a Home Condition report, which is effectively a survey report. This may save you time and money as a buyer.
Brokers’ fees
If you are arranging a mortgage through a broker, they may also charge you a fee for their service either before or after you mortgage application has been completed. All brokers are required by law to show you how much commission they will earn from the lender in a Key Facts document, so make sure you get this up front.
Valuation fees
A lender has to be sure that their mortgage offer is based on a sound property. For this they will require a valuation of the property, which will usually be paid for by you.
Arrangement fee
Most mortgage lenders charge an arrangement fee when you take out a mortgage. Some mortgage lenders will let you add the cost of this to the mortgage. The fee depends on the mortgage lender and the mortgage offer
Booking Fee
Usually with a fixed rate mortgage there will be a fee for the lender ‘booking’ the funds they use to lend to you. This is usually non-refundable if you withdraw your application.
Early Repayment Fees
If you have a fixed rate mortgage or discounted rate mortgage, you may have to pay an early repayment if you pay back your mortgage early or switch lenders before your deal has expired. You can filter this out in the mortgage best buys.
Extended tie-ins
Extended tie-ins are early repayment fees that apply even after your deal period ends. They may force you to stay with the lender for a longer period of time than you want to, and should be avoided if possible.
tips when choosing a mortgage online
February 3, 2009
Consider the tips below before choosing your mortgage online.
Calculate what loan you can afford
It’s crucial that you calculate how much you want to borrow, and how much you can physically afford. Under no circumstances should you agree to a loan that you will not be able to or struggle to repay.
Beware of Hidden Fees
When choosing a mortgage, you should always look at the percentage fees attached to the product.
Consider the Upfront Fees
Think about how you plan to pay all of the associated costs with the mortgage. Some mortgage lenders will ask for the set-up fees upfront, whilst others will add them into the cost of your loan.
Consider redemption penalties
Many mortgage deals will tie you in for an agreed amount of time, which means that if you exit the deal early you will be hit with a redemption penalty. Make sure you are aware of how long you are tied in for, and think about how your circumstances may change over the period. Early redemption penalties can be very high, and you don’t want to incur any more charges than you have to.
Exit fees
Once your mortgage deal ends, you need to check to see what fees you will be charged if you want to change to another lender. Some lenders will fix the exit fee at the outset, but unfortunately most can still charge what they want.
Flexibility
Depending on your circumstances, you may suit a mortgage that allows you to overpay, underpay or take payment holidays. You can then fit your mortgage payments to suit your needs.
Look for Free Mortgage Incentives
Some mortgages will include incentives such as a free legal fees or free valuation.
Best mortgage tips online
February 3, 2009
mortgage tips
Always compare mortgage online
It much easier to compare mortgage online with online tools and features.
it helps to assess each one in comparison with others because you learn to appreciate the really important aspects. In a woman, that would be how she responds to your occasional public faux-pas; in a mortgage, it could be how easy-going it is when you fail to make a payment. Always compare.
Go shopping
Again, it’s easier to be certain you’ve found the right woman if you’ve seen what’s available – so it is with mortgages. Allow a little competition to creep in – tell one lender about the great deal you’ve been offered by another, and you’ll be surprised at what they might offer.
Look to the future
How will this relationship develop in the future? Will your mortgage become a deadweight around your neck? Very low rates often come with strict tie-ins, meaning you’re married for life.
Beware of hidden fees
If you leave the mortgage company, will they penalise you with a fee? You need to check this before you sign up. It might not seem so important now, but who knows how you’ll feel about the lender after years of abuse?
Be honest
Tell your lender or financial adviser exactly what your financial situation is – they’ll get you the best deal for you, rather than get you into bed with a lender who’ll screw you over.
