Getting the best mortgage advice is helpful for all homeowners looking to purchase a home, but it is absolutely essential for first time home buyers. This is because there are different types of mortgages and various ways in which you can repay the money that you borrow. If you know that you will be coming into a substantial amount of money in the near future, you can take out a loan in which you only pay the interest and then you can pay the mortgage in full when you receive the funds. This is also a good option in order to have money for furniture and at the end of the interest only period you can convert the loan to a conventional mortgage.
The interest rate associated with mortgages is also confusing for beginners. You have an option of a fixed or variable rate and each of these affects your payment in different ways. If you choose a fixed rate, you will pay the same rate of interest for the length of the term whether or not interest rates rise or fall. It also means that your monthly payment will remain the same. A variable interest rate mortgage, though, means that your monthly payments can vary according to the rise and fall of the interest rates on the market.
It is best to seek mortgage advice when you decide to purchase a home. This person will be able to give you tips about how to save money, such as making bi-weekly rather than monthly payments. Such an option cuts years off the repayment term.
Below we have listed financial advisors that specialise in mortgage advice and mortgage information and help. See our mortgage advisor reviews and ratings for more information.
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