What should I know before looking for a mortgage quote?
First identify how much money you want to borrow with your mortgage. Mortgage quotes will be available to you based on your income. Mortgages are based on 3.25 times the gross income of a single borrower. For joint borrowers, the maximum loan is likely to be 3.25 times the first income, plus one times the second income, or 2.5 times the joint income.
While looking for a mortgage quote, don?t just look for the one with the lowest interest rate, but compare the terms and conditions of every mortgage policy from every lender. You should use the APR rather than the interest rate as your basis for comparison, as this takes all costs and fees into consideration. Because of the high level of competition in mortgage market, you are in a position to ask your lender for special incentives. You can check to see if your lender will waive the valuation fee, the legal fee, or the arrangement fee.
How do I get a mortgage quote?
While searching for a mortgage quote, remember that mortgage lenders generally only provide details about their own mortgages. Selecting the mortgage quote that best suits you can be perplexing and time consuming. Mortgage lenders provide quote packages under different names with different interest rates, up-front costs, and fine print terms, all of which are changed frequently. You need a lot of information to get a mortgage quote that best fits your needs at a competitive price.
When you start to shop for a mortgage quote, you will find a number of factors may cause interest rates to vary, such as differences in lenders, the size of the mortgage, and the amount of the down payment. Your challenge is to match a mortgage quote to your personal situation. You need to consider current market conditions, the age of your family, your attitude toward risk, and how long you plan to stay in the house.
What information do I need to have when applying for a mortgage quote?
When applying for a mortgage quote, you should know the following basic information:
? What will the monthly payments be?
? Are there any redemption penalties?
? What type of rate is it: fixed, capped or discount?
? Will there be an arrangement fee?
? Will there be any incentives?
? Are there any tie-in insurances?
? Is there a Mortgage Indemnity Guarantee (MIG) premium to pay?
? How will interest be charged?
? Is the mortgage flexible?