Your guide to finding the best mortgage deal part 2

Find the best mortgage deal for you.

08:33 16 June 2013

Below are 3 steps to help you find the best mortgage deal:

 

• Choose a type of mortgage. You basically have three major options when choosing a mortgage. These are Fixed Rate Mortgages, Tracker Mortgages, and Discount Mortgages. Each offers pros and cons.

Before you make a decision, ensure that you fully understand what they offer. Keep in mind that each type of mortgage works slightly different and offers various reassurances regarding interest rates, which will then be used to determine how much your mortgage will cost.

To make a well-informed decision, it is recommended to get the advice of a professional mortgage broker. You’ll surely benefit from their skills, expertise, and experience.

• Compare interest rates. Once you’ve figured out the amount that you need to borrow, and after you’ve decided what type of mortgage to apply for, the next step is to compare interest rates. Get quotes from as many providers as possible to easily identify the one that offers the lowest interest rate.

 

• Check the fees. The last step is to check the fees associated with each mortgage. Although the interest rate is your main concern when looking for best mortgage deals, keep in mind that fees are also a major consideration.