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What Is The "Right" Mortgage For Your Needs?
from: Janine MonikAre you thinking of buying a home? If so, then there are
many things that you need to research first. For example, do
you know what a mortgage is and do you know all the details
of getting a mortgage? The more you know before you get into
it, the easier the whole process will be for you.
If you've never owned a home before, you know that securing
a mortgage loan can be more nerve wracking than you might
realize. After all, just like you would need to prove your
expertise to secure a job, you need to prove your credit
worthiness to secure a mortgage. The problem is, if you've
never owned a home, how can you possibly convince a lender
that your credit is good enough to qualify you for a home
mortgage loan?
This means that first-time buyers often face higher than
standard interest rates and other unfavorable terms on their
mortgages such mortgagee insurance. Yet many, many
first-time homebuyers or event people with poor credit
history enter the market each day, so there are lenders out
there that are willing to take the risk. There are lots of
mortgages designed specifically for first-time borrowers,
with terms and rates that are flexible and not exorbitant.
The trick is finding one of these lenders.
You could simply start going from major lender to major
lender to enquire about their fixed low-rate mortgages, but
a far more sensible strategy involves finding a third party
mortgage broker who represents a number of lenders under one
roof. Of course, just as there are literally hundreds of
different mortgages to choose from, so too are there
hundreds of mortgage brokers. It is far better to use the
services of a broker to help you ~cut to the chase~ and find
the right mortgage for you.
You should beware though - many mortgage brokers make their
money by working on a commission basis with the lenders
themselves. There are, however, independent brokers who are
not in the business of servicing lenders, but borrowers
instead. It's their job to help new borrowers to find a good
mortgage with low rates.
Lastly when you find a broker who has good relations with
a number of lenders, it's easy to get a mortgage at special
rates and it is also easy to repay the loan at favorable
interest rates. In addition, when it comes time to
refinance, you can generally use your relationship to lock
in a much more desirable interest rate through a broker
than through your current lender.
About the Author
Janine Monik is founder of All About Mortgages an excellent resource site dedicated to information about mortgages.
Home Mortgage Rates News
US 30-year mortgage rates fall in latest week - Reuters
 CEP News | US 30-year mortgage rates fall in latest week Reuters - WASHINGTON, Aug 28 (Reuters) - US 30-year mortgage rates fell slightly in the latest week, according to a survey released on Thursday by home funding ... Mortgage Rates Fell in Week 30-year mortgages fall to 6.40%, lowest level in 6 weeks Bankrate: Mortgage Rates Dip Again |
Agency Mortgage-Bond Yield Spreads Reach Lowest in a Month - Bloomberg
 Boston Globe | Agency Mortgage-Bond Yield Spreads Reach Lowest in a Month Bloomberg - The Treasury may decide to buy the securities itself or take other actions to lower mortgage rates rather than make capital injections to Fannie and Freddie ... Foreign spigot off for US consumers Higher Fees for Mortgages Mortgage Rates Near Yearly Highs |
Are You Eligible For The Best Mortgage Deals? - Motley Fool UK
 MSN Money UK | Are You Eligible For The Best Mortgage Deals? Motley Fool UK, UK - The loans are only available up to £250000 so jumbo mortgage borrowers will not be able to take advantage of the low fees and rates. ... Borrowers face hike in repayments Abbey cuts mortgage rates |
5000 mortgage brokers to go in market mayhem - The Australian
5000 mortgage brokers to go in market mayhem The Australian, Australia - Non-banks such as Aussie kicked off a new era by sourcing cheap wholesale funding, enabling them to offer deeply discounted mortgage rates. ... |
How to save your home from repossession - Times Online
How to save your home from repossession Times Online, UK - Your home could even be repossessed. Jonathan Cornell, of Hamptons International Mortgages, says: “Maintaining your mortgage payment should be your main ... Ten ways to lower your outgoings |
Expected interest rate cut won't be big enough for many - The Australian
 FatCat | Expected interest rate cut won't be big enough for many The Australian, Australia - The Housing Industry Association says a rate cut of 0.5 per cent would save a first-home buyer $101 a month, which would reduce mortgage stress for about ... New home sales drop in July Australian Newly Built Home Sales Fall Lowest in Nearly 2 Years UPDATE 1-Australians shun credit, awaiting rate cut |