Easy Home Loans
Fast and Easy Mortgages
In your search for the perfect mortgage, you’ll find that there are lots of companies who boast of ‘easy home loans’ and fast-track mortgage applications. Whilst nobody wants the process of applying for a home loan to be a difficult one, taking your time and finding the right loan is of paramount importance.
Covered: Down Payments, Interest Rates, Prepaying
So, whilst we understand the importance of quick and easy home loans, we have put together an independent guide to help you in your search for the right mortgage.
The first thing you need to do is to work out how much you want to borrow. Most home loan companies require a down-payment so if you do not have any savings stashed away, you’ll also need to think about where this cash is going to come from.
Next, visit some lenders’ websites and do your math. Most companies will have a mortgage calculation facility; this should help you to establish whether or not your borrowing plans are realistic both in terms of being approved for the loan and whether you can manage the repayments. For an independent mortgage calculator, click here.
Once you have a clear idea of how much money you need and what you can afford, contact a number of lenders, either online, by phone or in person, and go through your requirements. Make a note of interest rates, administration fees, repayment terms and the total cost of the loan. If you speak to an adviser, also make a note of his or her name so if need be you can contact them directly at a later date.
Make a list of all the various options and decide which mortgage is best for you. Whilst cost is of enormous importance, your decision should not necessarily be based on price alone - the peace of mind that a home loan through a trusted and experienced loan company brings may be worth a few extra dollars a month to you. Ask yourself what is important to you and make your decision based upon this. You should also remember that repayment costs can change considerably over time depending on interest rate deviations.
Once your decision is made, contact the lender to begin the application process.
Then once you have your mortgage.
Keep a file of everything relating to your home loan, and keep a note (and if possible, a copy) of any checks you write out.
Investigate the possibility of prepaying on the mortgage. Loan companies will be able to advise you of their procedure, but bear I mind that administration fees may be as much as $600. If this is the case, consider making the arrangements yourself. Once everything is set up, you should inspect your annual mortgage statement closely to ensure that any extra payments you have made have been taken into account.