Efficient way to go about selecting your mortgage plan
BY Waradi Ajambo
Pulling together funding in order to purchase your dream home can be an uphill task. Once you acquire the finances required, as a prospective home buyer you would not want anything to jeopardize that purchase especially if you are acquiring the funds through a loan.
Mortgage financing is regarded as one such solution for one to get resources in order to make that leap into property ownership. Mortgages are a huge commitment that can be manageable, cost –effective and affordable once you do your due diligence and find one that caters to your financial status.
Essentially a mortgage is a loan on a home. This loan comes in different forms that are tailor made to suit different buyers and different situations. Hence the need for you to know what kind of mortgage you are getting before you commit to it, gathering this information is important since it will help prevent you from paying a lot of money in terms of interest or help you save a lot of money as you repay your loan.
The beauty of mortgages is that you can look around and see different offers on the table from various mortgage providers. There are many players in the mortgage market and if you do not look into the fine print you may assume that they offer similar products but if you chew done the information you may realize that they differ in terms of interest rates.
If you do not trust yourself to broker the mortgage deal by yourself you can enlist the help of a mortgage advisor. A mortgage advisor will help you to look at your financial circumstances hence finding a suitable product for you that will cater to your financial situation. However it is advisable that you look into the information by yourself to ensure that you are not short changed.
How you will pay for the mortgage once granted is a key factor in the mortgage selection process. As a prospective home owner you should visit your intended financier to know how much you qualify for. This will entail factors that relate to your financial history. Watch your spending habits during this time this will guarantee the mortgager that you will be able to pay the loan on your home in due course; this is just to assure the financier that you are a steady investment.
Once your finances are in order you can go out and start looking for the property you intend to invest in. There are financiers who can liaise you to property developers that have partnered with which is a good place to start, do not limit yourself to the list provided by the bank