Finding a mortgage lender is not a difficult task. You can often just sign up on a mortgage company’s website, and find several mortgage lenders contacting you for this purpose. The difficulty lies in looking for the best mortgage lender who suits your needs and will get you the best deal possible. It is therefore a good idea to do your research, and choose your mortgage lender wisely, rather than jumping into the first deal offered.
To help you out in deciding which mortgage advisor will be most suited, we provide a guide to reduce the tediousness of this task, and help you enjoy the responsibility of home ownership.
1. Know your assets
It is very important to know how much money is available to you for the payment of the house. Among good independent mortgage advisor Bournemouth is known for having the best advisors who will try to ensure that you don’t have to pay more than what you wish to, and will always ensure your best interests, trying to minimise your down payments.
2. Improved Credit history
A good mortgage advisor will also try to help you improve your credit score which will ensure you get the deal you want and minimise your interest rate and costs. The better credit history you have, the higher your credit score will be. This means that you can easily qualify for the mortgage you might want, and get low interest rates on these deals. For any good independent mortgage advisor Bournemouth offers, it is important for them to foremost look at the credit score of the individual.
3. Understanding the market
While it is common knowledge to the independent mortgage advisor Bournemouth has individuals who wish to get a mortgage but are often unaware of the lending scenario. Mortgages are provided by various organisations, not just mortgage bankers. For example, credit unions allow shareholders to borrow at lower interest rates. Similarly, mutual savings banks and correspondent lender often in the form of mortgage companies, also lend money for such schemes. An advisor should know about these and will be able to guide you as to which option may be best.
4. Lender attitude
Be sure to give the lender some time before you actually reach an agreement with them. Get a complete breakdown of all costs and fees, and compare it with other options, to see if it really is the best option. The lender should feel comfortable providing all this information. They should also be knowledgeable about all these charges, and be easily approachable. What is most important is that you should feel comfortable with the lender.
Getting pre-approval on your deal can be very important. It can give you a head start in getting the house of your choice, compared to other buyers in the market. A pre-approval letter is a letter by your lender, ensuring to the seller that you and your lender have an understanding about the amount required, and how much you can afford to pay. In short, this letter acts a guarantee of payment to the seller, improving your chances of buying the house of your choice in a reasonable price.
For pre-approval from the lender, you need to provide them a lot of financial and personal information including the following:
Having a pre-approved letter can significantly speed the process of buying the house, by reducing delays on the seller’s end.
6. Read the fine print
The right mortgage lender will always let you go over the fine print of the contract drawn up, before you sign it. It is a good idea to have a lawyer or an independent mortgage advisor Bournemouth look at the contract before you sign it, in order to take care of any technicalities. An advisor in this case can be helpful, to prevent any discrepancies between what was discussed and what the agreement states. All costs and fees should clearly be mentioned, and no ambiguity should exist in the contract.
Make sure you follow these tips, and there won’t be a problem in getting the best mortgage lender, and in fact the best deal possible.
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