Tip & How-To about Finance

A quick guide to mortgage lenders

Just like when you buy other products, it's really important to shop around before you committ yourself to a mortgage lender especially as it's such a big financial committment.
The whole area of mortgages and finances can get really complicated. The language is often very technical and there are lots of papers to sign, so make sure that you are informed and understand what you should be asking mortgage lenders before you make a final decision.

Things to watch out for:

1. Be wary of any lenders that wont put their rates and terms in writing.
2. Advertisements can be misleading and some lenders advertise a lower rate than they actually offer (they will explain that the rate went up or penalizing you another way if you insist on the lower rate).
3. If a lender says they charge no fees for the mortgage, the charges will appear somewhere else ie a slightly higher rate.
4. Check the small print!!! There are a number of fees that can be added on at every stage the process by mortgage lenders. Try and get the advisor to put all costs in writing.

Good Luck

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