Many homebuyers assume that the only challenge they need to overcome when buying a house is choosing from the number of options available in the market. They fail to take the time to learn about the home buying process, especially the mortgage process. Applying for a mortgage is one of the trickiest and most challenging phases of home buying. Due to the homebuyers' lack of information about the mortgage application process, they commit costly mistakes. Mortgage blunders costs billions of dollars every year. If you are in the market for a new house, you first need to be informed about the most common mistakes that house hunters commit. Failing To Prepare Their Finances Failing to prepare your finances can lead to a very costly mortgage blunder. With that said, the first thing you must do before checking out the available properties is to know your current financial status. You have to make sure that your finances are good. Here are a few tips to help you get your finances in order.
Are you considering moving house or re-mortgaging for a more competitive rate ? If you plan to take out a new mortgage in the UK for either of these purposes you will be presented with numerous options: fixed variable rate discounted variable rate tracker mortgage But which type of mortgage is best? Is there one good option for everyone or does it depend on personal circumstances? During 2013 fixed rates were the most popular choice of home loan in the UK because they offer certainty regarding the amount of the monthly mortgage payments. This is of real benefit in a time of economic uncertainty. But now, in theory, we are moving out of the recession so is the need for such certainty so important? It is because, in reality there is still a lack of confidence in the economy and many people are still struggling with household and energy bills. There are still regular announcements of large scale redundancies in some parts of the country so fixed rate mortgages continue to be popular. Fix