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claudia
Apprentice
Joined: 18 Apr 2005
Posts: 11
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 Posted: 12/20/09 - 11:24 Post subject: |
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I'm thinking about many mortgage offers and I am getting it for the first time. I would like to receive a general advice on mortgages. What is offered, what is good, what is bad? What are common offers and how to decide which mortgage to get? How to do a precise mortgage calculation? Thank you in advance.
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avigdor
Apprentice
Joined: 10 May 2006
Posts: 5
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| Posted: 01/19/10 - 00:34 Post subject: |
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When it comes to taking the first mortgage everybody is confused. There are offers which don't demand deposit and they are made for first-time buyers. You should now that these offers have high interest and at the end you would find out that you paid a lot over your house value. Common deals require deposit and it's usually 10 percent of property value. In that case you are concerned lower risk and interest is lower. You could arrange a fixed-rate term to pay exactly the rate, and it shouldn't be too long in my opinion. After some years you would have funds to overpay and after your fixed-rate term is over you could do it without paying extra fee. That way you could save some money, even thousands, and mortgage would end sooner. When you get an offer you should do a proper calculation. Calculate your rate, total amount paid at the end and then add fees, possible penalties and the you would know if that deal is suitable. Make sure that you got information about all costs.
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