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Watch out for the 'Deal Of A Lifetime'
. When shopping for your loan, watch out for the deal that seems too good to be true. If you see that a few companies are quoting much lower than average, ask: Why so? If you you can never speak to an individual, or you have to wait 'on hold' for a long time, this speaks badly for the level of service you are likely to get.
Keep a copy of every cheque you write for your loan.
If you call your lender about your loan, make sure you get the full name of the person with whom you speak.
Make sure you understand and are willing to pay all of the fees listed.
Origination fees are usually about about 1% of the loan amount. Some consumers have paid (in ignorance) as high as 17% for origination/broker fees. For a £100,000 loan, that means paying £17,000, versus £1,000 to another company would have provided the same loan with the same terms. If you have poor credit, you will likely have to pay higher rates and fees, but shop around.
Beware of statements such as "No cost to you". Some mortgage companies will add closing costs to your loan balance rather than require you to provide cash upfront at closing. Make sure you understand all the fees you are paying.
Consider a split loan. This is where you have part variable and part fixed. It gives you stability with the fixed rate, whilst giving you flexibility with the variable part.
Many lenders will do a split loan for a small additional fee at the time of application.
Do a budget. Make sure you use realistic figures. Keep all of your receipts, or keep a record, for all of the money that you spend for a month. Use that to help you compile the first draft.
Be prepared to review and update it regularly. A coordinated budget allows you to get the most home for your money without beggaring yourself, while getting rid of wasteful spending.
Choose a lender with a clean record with the industry watchdogs in your country. The mortgage industry receives a great number of complaints against it. In the UK, credit brokers of any kind must have a licence from the OFT, and if they lose it, the OFT publishes this on their website.
Avoid giving your application to a clerk over the phone. This is a sign of a clearing-house, and cost-cutting measures. It takes at least two years to become a 'pro' loan officer. Work with someone with the skill and experience to advise you, and make sure they aren't new to the business. Look for stability, because when a loan officer quits, their loans often are dropped.
Shop for rates when the market is calm. Rates change from day to day, so compare lenders. The quotes you get should all be from the same time period.
Put money into your home loan instead of a savings account. Provided your loan has a withdrawal facility, then, instead of using a normal savings account paying negligible interest, put the money on your home loan.
Then when you need it, just redraw it back from the loan. The benefit is that whilst that money is on your loan it is saving you interest, as loan interest is calculated daily on the outstanding balance.
Beware that most lenders have a minimum redraw amount, and possibly a small redraw fee. However, provided you only put medium-to-long-term savings into the loan, and therefore only redraw infrequently, then you should do well.
Make sure your loan, or at least part of it, is at a variable interest rate, as most lenders will not allow redraw whilst on a fixed interest rate.
| TigerTom's Loan and Mortgage Calculator UK |
- Use as many times as you like;
- Use when and where you like;
- Easy to use;
- Handy size;
- Personal loans UK AND mortgages calculated;
- No installation required;
- Windows 95/98/Me/XP;
- Make your own amortization tables;
- Save and print your tables;
- Use Dollar, Pound or Euro symbols.
Click HERE to get it.
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