Tips on New Mortgages
April 6th, 2010
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Times are different. As far as new mortgages go, we are experiencing a different set of rules and procedures. Banks used to be loose in their underwriting requirements and issued loans to marginally qualified buyers. Now, we realize the folly in that. Initiatives are being put forward that will include new documents and requirements needed for compliance.
Even so, borrowers should take extra effort to protect themselves. Here are a few tips from experts on how this can be done:
- With the current low rates of interest, a fixed rate mortgage will be to your advantage.
- Shop around and talk to lenders before you begin your home search. Set a budget and stick to it.
- Do some pencil pushing on different scenarios. There are on-line calculators that will help you with this.
- Choose your payment option with care.