09:54 15 March 2013
The UK housing market appears to be on the upswing despite 2012’s rise in economic inflation and lending failures. Mortgages have become more affordable and total sales are up. This is presenting a good opportunity for first time buyers and home owners who need to refinance their current mortgage loans.
Finding the right lender takes due diligence on the homebuyer or homeowners part. You can’t depend on the lender to ensure that you get the best interest rate available. You need to know what’s available and take time to compare interest rates at various mortgage lenders.
If you’re currently under a high interest mortgage rate, now is the time to re-evaluate and see if your mortgage can be refinanced at a lower rate.
Just a couple of interest points can lower your monthly mortgage payment and save you thousands on the overall cost of your home. This is important for first time buyers as well.
One of the things that a lot of homeowners overlook is the availability of special mortgage programs that are often designed specifically to help first time buyers and buyers who are struggling because of current economic conditions.
Enlisting the help of a trustworthy mortgage broker can to help you find out what programs are available and if you are a qualified for those programs. They can help you determine what will work to put you in the best position both long and short term.
Even if you are not actively in the market to buy a home or to refinance your current mortgage loan, now is a good time to evaluate if perhaps you should be.
If you think you will be ready to buy a home in two years or less, take the time now to see what the projections are for the mortgage industry and the overall economic climate. Your plan must incorporate any increases in interest rates and inflation. You may find that now is the best time to make a move.
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