Thursday, September 25, 2014

When is the Best Time to Get a Mortgage?

If you don't have a solid knowledge of finance, getting a mortgage can feel like an overwhelming amount of information. What type should you get? How do you know if you can afford it? Is now the best time to get a mortgage? There's no shame in asking plenty of questions about your potential mortgage. You just have to know who to go to. Here are some great resources you can use for finding out about mortgages before you make your final decision.

1. Your Lender
If you're already considering a lender, talk to them. They're trained to help you figure out the best loan for you. When you meet in person with someone from the company, you can ask them questions about your mortgage and how exactly it works and how other mortgage types would work differently. Having someone directly in front of you answering your questions makes it easy to get a handle on the issues quickly.

2. Mortgage Calculators
Some people don't want to go to lenders to ask about mortgages, because of course a lender is going to encourage you to get one. Online mortgage calculators can take all the information you'd be giving to a lender, such as your income, the cost of the house, your current expenses, and show you in simple numbers what you'd be paying every month and how feasible it is for you.

3. Websites
Another way to get a general idea of how mortgages work is to visit a lender's website or financial blog. Big-name lenders will often fill their website with helpful content for potential home buyers, with blogs about the different types of mortgages and who should consider them. Learn more about mortgages with Embrace Home Loans and other similar sites.

4. Financial Advice Apps
It should come as no surprise to anyone that there are plenty of apps ready to help you make the decision. Easy-to-download smartphone apps like Home Loan Toolkit take the information you give them and lay out the possibilities in front with you, along with mortgage-term glossaries, interest rate feeds and resources to contact someone if you have more questions.