How to Get the Best Mortgage

This is a guide on how to get the best mortgage deal. Do not rush into the first offer that is made to you even if you are in a hurry for a mortgage. Take your time, check out what is on offer from local banks, building societies and mortgage brokers. The more time you spend doing this will equate to greater savings on your mortgage. Remember for most people it is something that they will only do once, so do it right!

Shopping around for a mortgage will help you to get the best financing deal. A mortgage-whether it's a home purchase, a refinancing, or a home equity loan-is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of pounds.

Get quotes:

Different lenders may quote you different prices, so you should contact several lenders to make sure you're getting the best price. You can also get a mortgage through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker's access to several lenders can mean a wider selection of loan products from which you can choose.

Get Costings:

Be sure to get cost information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved. Knowing just the amount of the monthly payment or the interest rate is not enough.

Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.

Ask about the mortgage's annual percentage rate (APR). The APR takes into account not only the interest rate but also broker fees and certain other credit charges that you may be required to pay, expressed as a yearly rate.

A mortgage often involves many fees, such as underwriting fees, broker fees and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a mortgage and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates.

Negotiate:

Once you know what each lender has to offer, negotiate for the best deal that you can. There's no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere. Once you are satisfied with the terms you have negotiated, you may want to obtain a written quote from the lender or broker. The quote should include the rate that you have agreed upon and the period the quote lasts. When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal.

Don't be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best mortgage deal.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

---

Stopping Foreclosures

If you as an investor understand the process, you will... Read More

How to Get Your Home Mortgage Loan

If you are thinking of purchasing a new home soon... Read More

Real Estate Tip: Escrow Accounts -- Do You Really Need Them?

If you have a mortgage on your property, whether it's... Read More

Tips for Finding the Best Agri Mortgage and the Best Agri Loan

The Research Rates of Agri MortgageFirst thing, when finding an... Read More

Mortgage Refinancing Companies -- Choosing The Right One

Searching for a mortgage refinance company can be a daunting... Read More

A Simple Way to Save Thousands on Your Mortgage Charges

How many times do you check you restaurant bill? If... Read More

Bridging Finance Basics

Bridging finance is a short-term loan that is used as... Read More

Using a Calculator to Assess Your Loan

Buying a house is a very important step in your... Read More

How To Save Thousands in Interest on Your Home Mortgage!

So you have a mortgage on your home or planning... Read More

What On Earth are Home Equity Loans?

Home equity loans are one of the most common types... Read More

A Guide to UK Buy to Let Mortgages

Essentially there is little difference between the process that one... Read More

2nd Mortgage - Better Than Refinancing

You have probably received refinancing offers in the mail or... Read More

Mortgage Soup

Looking for home mortgage loans can get confusing with the... Read More

Mortgage Glossary of Terms

A brief list of some of the most common Mortgage... Read More

Home Buyer Beware ? Know the Signs of Real Estate Market Trouble

Lots of articles have appeared recently about the booming real... Read More

Mortgage Terminology for the First Time Home Buyer

Buying a Home for the first time can be a... Read More

Flexible Mortgage Tips

Outlined below are some useful flexible mortgage tips. The most... Read More

Refinancing Your Home Mortgage Loan With Bad Credit

There are numerous reasons a person has bad credit. Late... Read More

How to Get the Best Mortgage

This is a guide on how to get the best... Read More

How To Save Money On Your Mortgage

Obtaining a home loan is arguably the most expensive transaction... Read More

The Zero Down 80/20 Mortgage

This is an excellent loan for those that are lacking... Read More

10 Questions To Ask Your Mortgage Rep or Banke

This post is a must read for anyone considering purchasing... Read More

Where To Find The Best Rates For Your Mortgage?

As with all of my articles this will be based... Read More

Debt Counseling ? Healing Touch for the Ailing Finances

The financial stories remain similar over the months and the... Read More

Are You Ready for a 40-year Mortgage?

Real estate prices have been increasing steadily over the last... Read More

Refinancing Your House - How to Know Whether to Refinance or get a Second Mortgage

Refinancing your house's mortgage is not the same thing as... Read More

A Qualified Mortgage Consultant Can Help Boost Credit Scores

Consumers interested in purchasing or refinancing a home will pay... Read More

Essence of Self Certified Mortgages

Your search for a mortgage isn't leading results.Check for any... Read More

The Best Tactics for Getting a Quick Homeowner Loan

Trying to find a quick homeowner loan can seem difficult... Read More

What the Bank Won?t Tell You About Mortgage Refinancing

So you have a mortgage, and you need to refinance... Read More

Home Loan Applications Made Easy

You have finally found the home of your dreams. You... Read More

What is a Self-Certification Mortgage?

A Self-Certification mortgage is a mortgage designed for people who... Read More

Refinance Your Second Mortgage

A 2nd mortgage is a secured loan on your property,... Read More