When you decide acquire a mortgage loan for housing will greatly help if before concrete the operation, devotes some time to compare the most convenient options the market. Price and terms of a mortgage may be negotiable, therefore will be important to know the total cost that implies the get the loan at order to save significant sums when negotiating with a lender.
Some tips to keep in mind:
• Get information from multiple entities: Son many public bodies and private that offer this type of credits to acquire property. Each one may quote different prices for identical properties, have different interest rates, among other variants. Do not rush, evaluate offers, point by point.
• Meet all costs: You should know in detail what you can afford as a down payment and find out all the costs of the loan. It is not enough to know the monthly fee and the interest rate only. Remember there may be costs of fees, sealed, etc.. It will also be important to know clearly what is accessing interest rate: fixed, variable, mixed, etc.. Check if you can make advance payments and what values.
• Get better deal: When you have decided which credit institution shall request remember that it is a negotiated agreement for both parties. Try to get the conditions best suited to their abilities.
• Be honest about your economic reality: If at some point in your life, unique issues such as illness or temporary loss of employment prevented him and timely comply with commitments made, notify the institution where credit requests. Your credit history only reflects your payment habits, but do not consider the exceptional circumstances that may have led to a contrary observation. This should not be an obstacle for you to access a loan.
• Learn about property to be acquired: Check the ownership of the seller by a copy of the deed to the property. Know if you have loads through a simple note to Land Registry requesting a report. Make sure the house is not rented or should be, the term of the contract. Learn about who would pay the expenses determined by the operation. Maybe all these inquiries lead him ungrateful time but may save you time.
• Exercise your rights: You have the right to choose the notary who will be responsible for the deed to the property acquired and may request a copy of the loan contract within three business days prior to signing for detailed study. Use these rights in order to know precisely the obligations assumed by the lender. Feel free to ask anything you do not understand as many times as necessary.