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28
Sep

5 Things to consider before getting a mortgage

Buying your dream home is a big decision,one that requires careful planning. In today’s market it is easy to make a bad decision and end up in debt. The beauty of an economic crisis is that you don’t see it coming. You don’t want to be sitting on a property that is worth less than what you paid for. An optimistic approach sounds great in theory, but a pessimistic approach can end up saving your life. Always prepare for the worst possible scenario. Things can go south in a second and you don’t want to be on that train when it does. Here are a few tips that will help you make right decision when it comes to choosing your mortgage.

Is it really worth it?

 

Your dream home can soon turn into a nightmare. Therefore, it is important to reconsider your decision. An economic crisis is the best time to be buying property, because everything is so cheap. However, it is important to ensure that you are not over paying. When it comes to a bidding war, it is okay if your ego takes a hit, as long as your wallet doesn’t.

Make me an offer I can’t refuse

As long as you have a good credit history, you’ll be in control when applying for a mortgage. This is probably the only time you’ll be in control, so make full use of it. Look around for the best deal to be made. If you’re signing over your soul to Mephistopheles,he better bring the big bucks. Don’t be ashamed to bargain for the best interest rates, even if you’re making big money. You never know when the cash inflow might stop.

How long is this going to take?

When it comes to buying a ripe property, timing is everything. The seller won’t hold onto your offer forever. Getting a mortgage takes time, so it’s important to know exactly how much time it takes before plunging into the deal.Sooner or later you will get the money.However, it might just arrive after your dream home is taken off the market.

Penalty, what penalty?

What do banks do when people can’t afford to make their payments? They add more to the pile.They kick you when you’re down. Think about penalties before you apply for the mortgage. If the penalty is as high as the monthly payment itself, you know the bank has a knife at your back, waiting to plunge it in. Beware of those backstabbing devils.

Always read the fine print

Hidden within your agreement is a sentence that will be used against you in the future.This is why the agent breaks out a million dollar smile when he passes the document over. It can be something as simple as a closing fee. Banks tend to charge you even when you’re making the full payment ahead of schedule. I must say, the depths of their depravity know no bounds. If you question them about this in the future, they will simply point out your signature above the dotted line as a response.

There are no friends in the world of business, so always look out for numero uno. Always be skeptical, so you don’t get screwed over on your mortgage deal.

by Benson Mortgage
in Private Mortgage