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Ten Things You Should Know About Mortgages Getting a mortgage is something most people do at least once in their lives. Naturally, a lot of money is involved, so it pays to know exactly what you are doing. Here are ten things you should know about mortgages.
- You don't have to have a down payment to get a mortgage. - An adjustable rate mortgage (ARM) can have a fixed rate of interest for a specific number of years. - The interest rate of an ARM is capped to prevent too high a rise in rates each year. - Tiny changes in interest rates can make a great BIG difference in what you pay. - A mortgage broker can save you money - just be sure to get an ethical one. - A mortgage broker is good if your credit history is not crash hot. But if you have a great deposit and have never defaulted
in payments before, you may not need one. - Credit unions or building societies often have heaps better interest rates than banks. - Online mortgage calculators are extremely handy tools. - While portable mortgages have higher interest rates, if you are likely to move before the loan is paid off, it will save you a great deal in servicing fees and costs. - There are a great many different mortgages so make sure you get the right one for you. It could save you lots in the long run.
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