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Mortgages Top 5 Tips | Mortgages News

Mortgages Top 5 Tips

This is basically a combination checklist of what you need to do for yourself and also what you need look for in a potential mortgage deal. A lot of these points are dealt with in more detail in other areas of the site but we thought it would be a good idea to start you off with a basic overview checklist of the main points. So, without any further introduction here is the top-five checklist.

1. You need to have your credit report in order. Even if you’ve had some credit difficulties in the past you really need to sort those out before continuing with the mortgage application process. Even if it cost you some money to fix these difficulties now that money will be a very insignificant sum compared to what you will be able to save over the full course of your mortgage. If you need any advice on this subject we’ve set up a web site specifically to help you to clean up your credit report here.

2. The interest rate is not the only thing that makes a good deal. You need to look at the terms and conditions of any potential mortgage and pay particular attention to the area off potential penalties if you run into any difficulties. This is absolutely vital.

3. If possible, try to go with one of the larger lenders. The reason for this is that they will have a retail savings aspect to their business and as a result money is cheaper for them to source. This means that they have the negotiating room to allow you to get a cheaper mortgage from them.

4. Try to stay a bit on the conservative side which are budgeting. None of us can see into the future but if you have left a little breathing room in your numbers than you will be much better place to survive even if you’re unlucky enough to run into some difficulties.

5. Set your budget before you start house-hunting. You don’t want to get into a situation where you’re trying to convince yourself that you can afford a house that you really can’t afford just because you’ve fallen in love with it. Decide on what you can afford before you look at any houses.

There are a number of other points that very nearly made it into this list as there are various important things that you really should take a look at as part of the mortgage process but ultimately we decided to keep this list nice and short and any of the other points and we feel are important are dealt with in other areas of the site.