If you are looking at investing in some real estate or upgrading your home then the key to this is getting a great mortgage right off the bat. This is an experience which I have just been through with the brilliant team at Accelerate Mortgage. Based on this experience I wanted to share some hot-off-the-press tips with you all as to how you can secure the very best mortgage possible.
A great mortgage is essential to the success of your investment and here are some financial and other tips on making sure that you get it.
Sort Your Credit
Your credit rating is determined by how responsible you are and whether or not that means that the banks are going to lend you a big sum of money. They base this on how you manage credit and how much credit you have over all. The best way to reduce the cost of your mortgage is to be sure that you are a good investment, through the cleaning up of your credit. Pay off credit on time and in full in order to get the most out of this mortgage.
Get Life Insurance
Because of the fact that life insurance pays for the mortgage for your spouse should anything happen to you, it increases the chance of you getting a low interest mortgage. The reason for this is basically because you are a much less risky investment for the mortgage provider.
The bigger the deposit that you can muster the better, and this is why it is essential that you do all that you can to get a sizable chunk of cash together which you can lay down as a deposit. If it means that you have to borrow from family or friends in the short term then this will be worthwhile because you will quite literally be knocking years off your mortgage with a big chunk of cash to put down as a deposit. This is the most important thing that you can do in order to get the very best mortgage available.
Getting The Details Right
Once you are happy with the interest rates and the terms of your mortgage it is time to ensure that the small print is in order. There are some benefits which you need to look for here that are going to give you a far better quality mortgage over the years. The first thing to think about is paying off early and what fees may be involved. If you have a windfall then paying off could be a great way to spend it, but be sure that it won’t cost a lot to do. Also look to try and overpay without incurring fees and try to get payment holidays built in, which will give you a couple of months of grace should you have a financial issue like losing your job.
Follow these tips in order to get the very best mortgage for you.