Choosing a Mortgage
By Mark Lambie
A mortgage is probably the single largest loan that most of us will
have in a lifetime, and choosing to commit yourself to one can be
a scary notion. There is very little else that can lay claim on your
life for twenty years or more - though a mortgage is probably
cheaper than having kids!
Choosing the right mortgage for you can be a difficult process,
and it is always helpful to talk to an independent mortgage advisor
if possible. These companies will be able to evaluate for you the
options that are available, and help you work out which one is
best for you. Modern mortgages are far more flexible than even
the type of home loans that were available a few years ago,
including different interest structures and repayment options.
Regardless of your situation, there will a mortgage that will be
suitable for you.
There are many things to take into consideration before selecting
a mortgage, but the first must be a careful look at your current
finances. There will be little enjoyment to be found in your new
home if you can barely afford the repayments upon it. There are
some 100% mortgages available, but not everyone is eligible for
these, so ask your advisor about this. Otherwise, you will require
a deposit of some amount, so evaluate your savings also before
choosing a mortgage.
The amount of your mortgage will depend on your earnings, and
most lending institutions will require proof of this, which can
usually be obtained from your employer. There will be a different
procedure if you are self-employed - this is another aspect that
your mortgage advisor can help you with. If your own earnings
are in sufficient to obtain the amount you require, there are other
options available, including parental guarantee of the loan, if your
parents are homeowners. A mortgage advisor will be able to give
you all the options.
A mortgage is a long-term commitment but with the right advise
you will be able to find one that will allow you enjoy everything
about your new home without having to worry overmuch about
your finances. So always do your homework before you apply, to
help ensure that you will find the right deal for you.
About the Author
Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get mortgage quotes and mortgage information.
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