Mortgage Tips For Nervous Buyers

Mortgage Tips For Nervous Buyers.
The first quote you're offered is​ not the​ bottom line .​
It's easier to​ get a​ better deal from one lender if​ you've been offered a​ good one previously by another .​
You can use this as​ ammunition when speaking to​ the​ loan officer.
You'll likely be dealing with a​ call centre or​ a​ junior loan officer initially .​
You can say you're definitely interested,​ but want a​ better deal,​ close the​ conversation,​ hang up,​ then wait for them to​ get back to​ you​ .​
Buy in​ November or​ December if​ you​ can; you​ can see how the​ house performs in​ winter,​ and as​ this is​ usually slow time in​ the​ property market,​ you​ may be able to​ wangle a​ ‘seasonal discount’.
Don't look for a​ property without being pre-approved for your first mortgage .​
You will have much more negotiating power with the​ seller,​ and may be able to​ save thousands.
You need to​ be sure you​ can afford the​ repayments .​
Lenders consider a​ number of​ things working out how much you​ can borrow,​ like the​ outgoings and your credit history,​ your income and employment status,​ the​ property value .​
While lenders use different rules,​ most of​ them share these guidelines.
A fixed rate mortgage seems a​ good idea on​ the​ face of​ it,​ but they often come with higher penalty costs .​
If there’s a​ good chance that you​ will repay the​ loan before the​ end of​ the​ agreed term,​ perhaps considering a​ variable interest rate which has lower redemption penalties is​ a​ much smarter choice.
You may find a​ lot of​ companies offering very low initial rates,​ but hiding high additional costs within the​ small print .​
Ask them to​ explain all additional costs,​ variable rates and payment conditions .​
Don't just read the​ small print yourself.
Regarding the​ property itself,​ don't take the​ vendor's word that repairs have been made .​
If the​ vendor agrees to​ make repairs,​ have your inspector verify the​ work's been done before closing .​
Ditto for any other claims made by the​ seller; verify them independently.
If you​ have doubts about a​ particular lender or​ seller,​ or​ if​ you​ have a​ feeling that they’re being cagey with you,​ just walk away and continue looking for better deal elsewhere .​
There’s no need to​ become enchanted by the​ house-buying process; it​ is​ in​ the​ end just another material good,​ and you​ can’t take it​ with you!
And lastly: Try to​ keep the​ duration of​ the​ loan as​ short as​ you​ can .​
The shorter the​ 'term' the​ less you​ pay in​ interest .​
You may think the​ mortgage is​ affordable now,​ but what if​ you​ get into financial difficulties in​ ten years’ time? Find a​ mortgage that has low or​ no pre-payment penalties,​ and pay it​ off as​ quickly as​ you​ can .​
You'll sleep easier,​ and your bank balance will look a​ lot sweeter.

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