First article on Insurance and Mortgages

Mortgage need one. Walk into any bank or credit union and mention that you’re looking for a loan and you’re likely to be bombarded with fliers, if not hurried into a huge private office to meet their mortgage advisor. Mortgages are big business – and every large financial institution will offer several types of loan for buying property. It’s a good idea to check out as many different lenders as possible before making a decision – experts repeat the phrase ‘shop around’ like a mantra these days and you could save yourself a lot of money by comparing what’s on offer.Your own bank may be a good place to start – if you’ve banked with them for a while and have a good financial record they may be more confident about loaning you a large amount of money such as a mortgage. However, with relatively low interest rates and a booming market, these days the competition among lenders is fierce and you may find a better deal elsewhere. Companies like lending tree and ditek specialize in helping consumers shop around for the best rates. Don’t feel that you have to use the same bank for your mortgage as for your personal account.There are a number of websites that produce tables of comparative mortgage offers – just type ‘mortgage’ into your search engine and see the amount of results you pull up. The financial pages in newspapers carry advertisements as well as news on the latest deals – beware though of being seduced by adverts promising low rates without giving all the details – there’s more to finding the right mortgage than just picking the best rate. The bank are likely to advertise their lowest rate, and you are likely to have to meet certain criteria before qualifying for that particular deal. Check for things like hidden clauses or Higher Lending Charges – these are one-off charges applied to some deals that are supposedly to cover insurance protection for the bank when they lend to you.
Until next time!