The prospect of buying a new house is exciting, scary, and stressful all at once. There are many things to consider, not least which mortgage lender to go with. The mortgage that you can borrow is an essential factor in choosing which house to buy and can be the difference between the perfect home or settling. With careful consideration of all your options, you should get the best mortgage for your needs.
Do you fit their criteria?
One of the essential things to consider is if you fit a lender’s criteria. For most people, this likely won’t be a problem, but where there have been previous credit issues, you may need a specialist lender. When approaching lenders, be upfront about any potential issues so that they can give you a straight answer. You may find the type of property you’re buying has an impact as well, as investment properties may require a mortgage type a lender doesn’t offer.
Apart from the interest charged on the actual mortgage loan, there are usually other fees that your mortgage lender will charge you. These fees include appraisal fees, underwriting fees, and more. The best mortgage lenders will be transparent about which fees