|Before you start shopping around for a mortgage, you need to establish exactly what you want so that you do not waste your time looking at deals that will not save you money. You should also learn how to compare mortgages or choose what features of the finance package are important to you. |
The first step is to ask your friends or family for recommendations of potential mortgage lenders. Then contact several lenders and let them know that you're shopping around for the best rates. You may want to discuss your needs with banks, credit unions, building societies, mortgage companies and brokers. Comparing loan plans or packages will help you get a better deal.
Your next step is to read expert opinions in national newspapers and magazines. These publications usually publish editorials that rate mortgage and loan deals from various banks and lenders. This information will give you a better idea of what to expect.
1. Loan Comparison Websites:
Some web sites offer services that allow you to compare thousands of mortgage loan deals from different lenders. All you have do to is, enter a few details about the kind of mortgage you're looking for and their software will produce a list of lenders based on your search criteria. You can then contact the lenders that you're interested in. This is one of the fastest and easiest ways to shop around for a mortgage online. The only disadvantage with this approach is that some of the web sites that offer this service only show results from mortgage lenders who have paid to be included or from whom they receive commissions.
2. The Major Banks and Finance Companies:
Visit the web sites of most of the major banks and find out if they have any special offers. You can do this easily by making a list of all the banks and building societies that you know and visiting their websites and taking note of their rates for the mortgage deals that interest you. Look for their "press release" link and find out if they have recently launched any special deals. You may also consider subscribing to their news feed if they offer subscriptions on their site.
3. Mortgage Loan Brokers:
You can also get a loan deal through a broker. Most independent brokers investigate all the loan deals on offer from every lender in the market to find the best for you. Some brokers only choose from a selection of lenders so check how independent the Mortgage broker is before applying. If you do not want to go directly to the lender for a mortgage, you can approach an advisor or a broker to search the market for the best mortgage deals.
So if you want to get the best deal on a mortgage or home loan, you can either shop around yourself or you can use the services of an independent mortgage broker. Using the methods outlined above you should be able to find a deal that's right for you.
© Copyright 2005, Bwalya Mwaba writes for the The Commercial Mortgage Guide. Visit our website for mortgage related news, articles, tools and more: http://www.commercial-mortgage-guide.org.uk/. This article may be reprinted as long as all the above links are active and clickable and this author box (byline) is not edited.
Surefire Ways to Attain Moneymaking Success
You have probably heard other people say that "Money isn't everything" or "Money can't buy happiness." They may be right in some aspects; but it's not just about the money. It's about having an ideal lifestyle - being able to have control...
Small Business Tax Tips - Product Review of Tax Reduction Toolkit
Product Review Introduction Product Review What I liked Product Review What I didnt like Product Review Best Features Summary Table of Contents Seven Sections 29 Tax Tips Final Comments and Pricing (under $40) ...
The Difference between MLM and illegal Pyramid Selling
How can I tell a legal Network Marketing business from an illegal Pyramid?
Network Marketing also known as MLM ('multi-level marketing'), relationship marketing and referral marketing, is the 21st century way for entrepreneurs to build a high...
Online Home Equity Loans: A Basic Glossary
Home equity loans can be a great idea for individuals looking to get out of debt or make necessary repairs on their homes. During the process, you will come across a variety of terms and acronyms. We have gathered together some of the basic terms...
The Role of the Business Model and Strategy for Business
People will always stress that having a well researched business plan is key before you start your business. Although creating a business plan is often an important step in the evolution of a business, particularly if you need financing or you...