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Mortgage & Refinancing Information |
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First Time Buyers Fail To Shop Around
Almost two thirds of first time buyers accept the first mortgage they are offered and fail to shop around, often missing out on better deals. Many first time buyers feel pressurised by their estate agents into quickly organising a mortgage for fear of losing out on a property or are attracted to a low interest rate without looking at the mortgage deal as a whole. However, with such a vast range of mortgage lenders to choose from, first time buyers are well advised to step back and do a little research before they commit. There are a number of places to find good mortgage deals: Speak to your bank Your bank or building society may provide special offers to their account holders, but don't feel that you have to accept their offer through customer loyalty as there are many other places to look. Consult with a financial advisor Financial advisors can offer you a range of mortgage deals to choose from that are appropriate to your circumstances. Some financial advisors offer free advice, but can only provide a limited range of mortgages, through which they earn a commission. Independent financial advisors will offer a wider range of deals, but you may need to pay them to provide this advice. However, this is often a worthwhile investment, as commission earnings do not influence the advisor, so the mortgage is more likely to meet your requirements. Get on the net A search on Google will generate a list of hundreds of UK mortgage providers to choose from. Many will have online mortgage calculators, to give you an idea of your repayments. Alternatively you can use financial comparison sites, such as MoneySupermarket.com to do the work for you. Simply enter your requirements and let the comparison site search hundreds of providers to provide you with the best deals. Don't always depend on the rate Don't always assume that a low interest rate makes a cheap mortgage. Providers often use low rate deals to attract new customers, however you may end up paying more money in the long-term. Check the small print of the mortgage and find out if you will be penalised financially for opting out of the deal early or if there are any hidden costs. Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development Further help for first time buyers For more information on buying your first home, take a look at our First Time Buyer's Guide.
MORE RESOURCES:
Top 5 mortgage refinance questions answered Fox Business How a mortgage refinance affects your net worth Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool What is a mortgage prepayment penalty fee, and how does it work? Business Insider Weekly Mortgage News Roundup for Jan. 22, 2021 Motley Fool What is a second mortgage, and should you get one? Business Insider 5/1 adjustable-rate mortgage falls to new record low Bankrate.com 2.74 Million Homeowners Are Still in Forbearance: What You Need to Know About Exiting It Motley Fool Racked Up Holiday Debt? Refinancing Could Help You Pay It Off The Motley Fool 8 ways to pay for a home office setup Bankrate.com 3 Options for Financing Home Improvements in 2021 The Motley Fool Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business How do I get the most out of my mortgage refinance? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes How to refinance your mortgage in 5 easy steps Fox Business Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business 4 ways to get lower mortgage refinance rates Fox Business 10 things to know before refinancing your mortgage Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business How often can you refinance your mortgage? Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business The best mortgage refinance lenders of January 2021 Business Insider When should you refinance your mortgage? Fox Business How to refinance your mortgage without closing costs Fox Business Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer 10 tips for getting the best mortgage refinance rates Business Insider Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business How to Refinance Your Home | Home Lending Chase News & Stories 5 reasons to refinance your mortgage right now HousingWire How to get a low-cost mortgage refinance Bankrate.com Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette |
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