Finding The Right Mortgage

By Joseph Kenny

The world of mortgages has become a real minefield over recent
years, with more and more mortgages coming onto the market.

These days you can find mortgages to suit a wide range of
circumstances and needs, but if you know little or nothing about
mortgages the whole process can still be confusing and
frustrating. If you are not confident about finding the right
mortgage then it may be a good idea to employ the services of an
independent financial adviser, who can advise on you on the best
mortgage for your needs based on the details that you provide.
However, you are better off paying the financial adviser for his
or her assistance rather than choosing and adviser that gets
commission directly from a lender, as this minimizes the risk of
getting an adviser that recommends based on the commission that
he or she will receive rather than based on what is truly best
for you.

Another option that can help you when it comes to finding the
right mortgage is to go through a specialist mortgage broker. A
mortgage broker is a professional with links to a number of
mortgage lenders. When you use a mortgage broker to find your
mortgage you will only have to complete one application form,
which the broker will then use to approach different lenders
within his pool of contacts in order to find you the best deal
for your needs and circumstances. This will help to reduce the
work and time that you have to put in, as the broker will do the
leg work for you, and also reduces the chances of rejections, as
the mortgage broker is most likely to know which mortgage lender
will accept your application.

However, before you approach a mortgage broker of adviser it is
a good idea to familiarize yourself with the different mortgage
products available, as this will give you an idea of the type of
mortgage you may wish to go for. In addition to deciding whether
you want to opt for a repayment or interest only mortgage you
also need to decide what sort of mortgage product you want, such
as variable rate mortgage, fixed rate mortgage, base tracker
mortgage, discounted mortgage, offset mortgage, or one of the
many other mortgage products available.

You will find plenty of information on mortgage products
available online, so you can get an idea of the different types
of mortgages and which one might suit you. However, trawling
through different lenders' sites in order to compare different
mortgages can be confusing and time consuming. This is where the
professional broker or adviser can help in terms of helping you
to find the right mortgage. He or she will have the resources,
contacts, and experience to find the best mortgage for your
needs, and of course you don’t have to commit to any recommended
mortgage product until you are completely happy.

You should bear in mind that taking on a mortgage is a serious
commitment, and failure to keep up with repayments can result in
you losing your home altogether. Therefore you should make sure
that you can comfortably afford the repayments on your mortgage,
and consider taking out a fixed rate if you feel that any
increases in repayments during the first few years would leave
you struggling financially.

About the Author: Joe Kenny writes for the UK personal finance
sites offering loans, credit cards, mortgages and insurance
products - http://www.ukpersonalloanstore.co.uk/ and
http://www.nationsfinance.co.uk. For US residents seeking loans,
refinance or mortgages visit http://www.rebuild.org/

Source: http://www.isnare.com

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