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Table Of Contents
Foreword
Chapter 1: The Credit Rating Booster
Chapter 2: Know Your Mortgage Lenders
Chapter 3: Choosing The Right Loans
Chapter 4: Smart Rates Comparison
Chapter 5: Negotiate For Lower Fees
Chapter 6: Avoid Common Mortgage Mistakes
Wrapping Up
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Chapter 2: Know Your Mortgage Lenders
Synopsis
For most people seeking a mortgage, taking the trouble to understand the mortgage lenders contracts and stipulations, seems like a futile exercise.
For most it would probably be viewed as waste of time, especially since it may be hard to disseminate the information presented. However it is still important to know about the mortgage stipulations.
Who Is The Lender
The following are some points to look out for when approaching mortgage lenders:
Interest rates – before applying for a mortgage, the individual should take the trouble to shop around, so that some knowledge of the interest rates available in the market will be acquired.
Armed with this knowledge the individual will then be able to choose a suitable mortgage lender and a mortgage plan that can be serviced based on the individual financial capabilities.
In some instances shopping for mortgages online can present better and more compatible rates.
Researching the fixed and variable interest rates, and ensuring the mortgage lender chosen is able to explain and custom fit an arrangement that would be beneficial to the individual both in his or her current and future financial situation would be advantageous.
Being able to service the mortgage under flexible conditions, would be much better than to be tied down, especially if the individual comes into huge amounts of money that can facilitate clearing a portion of the mortgage earlier, thus effectively bringing down the interest rates charged.
Finding a mortgage lender willing to be flexible on the down payment arrangements is also another option to look into.
This would be possible if the credit rating s of the individual is strong thus providing for better negotiations on mortgage deals.
As the market for mortgage lenders can be very competitive, taking the time to look around for the best deals and also exercising some negotiation skills can provide for better mortgage plans.
Chapter 3: Choosing The Right Loans
Synopsis
With the vast amount of loans available today it can be quite a challenge to lick one that is suitable for the individual’s needs.
However it is both important and beneficial for the individual to take the time and effort to pick a compatible loan package it this commitment will require a fairly long lock in period, of the individual’s financial freedom.
Loans
If the whole exercise presents an overwhelming and stressful scenario for the individual, then considering the services of a financial consultant maybe the next best option available.
Using the services of a financial consultant will help the individual procure the most suitable loan package, as these consultants are usually very experienced and well versed with what is availed in the market at any given time.
However if keeping finances down is already an issue, hiring the services of a financial consultant may not be possible as their fees can be rather high.
Conducting a thorough research exercise, into all the possible loan platforms and their corresponding advantages, is another route to take, in the quest to acquire the best possible and suitable loan package for the individual.
Exploring the possibilities of using overdrafts, credit cards, short term loans, long terms loans and any other loan packages that are available against their relevant interests charged should be done diligently.
Only then would the individual be able to choose one based on knowledge and suitability.
Choosing loans that suit the individual capabilities of commitments is also something that should be considered.
If there is a possibility of being able to pay off the loan amount at a faster rate, than the individual should decide on a package that facilitates this intention.
Likewise if the loan amount is substantial and the need for a longer lock in period is a better option than looking of a loan that can provide this and still be compatible should be exercised.
Chapter 4: Smart Rates Comparison
Synopsis
The whole idea of making comparisons for mortgages and their respective rates can be really quite overwhelming. Not knowing where to start, simply because the choices available seem endless, is also another point that can cause an individual to feel anxious and stressed.
The normal advice given by many would be to shop around before making a commitment. The “shopping around” exercise should ideally cover all the different aspects of a loan and then a comparison should be made to determine which one is best suited to the individual both in terms of current and future commitments.
The Rates
However in order to make the whole exercise a little easier, it is suggested that the individual find a loan package that has all the features that are ideal and well suited for the individual’s needs. Once this is done then the individual should make comparisons with all the existing financial institutions that offer the exact package.
The idea here is to establish even more advantages between these establishments, because although the base interest rates are all dictated to by a governing body, each financial institution will incorporate further enticing “goodies” into their own individual packages to entice the prospective customer to take up a loan with them.
This form of research would be much better as the individual would not only have a better understanding of what loan package is suitable for their financial needs but will also narrow down the search by a huge percentage. Also to be noted is that once a suitable package is found, the search should ideally stop and a commitment made. It would not be wise to second guess all the time and effort put into the exercise in the first place by expressing doubts. Picking a loan package simply because of the low interest rates advertised is not very wise as it may have other stipulations that are not suited for the individual’s needs.
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