Top List Curated by 1st UK Mortgages
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  • Feb 13th 2018
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Top Four Things to Consider When Applying for a Mortgage is a public top list created by 1st UK Mortgages on Rankly.com on February 13th 2018. Items on the Top Four Things to Consider When Applying for a Mortgage top list are added by the Rankly.com community and ranked using our secret ranking sauce. Top Four Things to Consider When Applying for a Mortgage has gotten 53 views and has gathered 4 votes from 1 voters. Only owner can add items. Just members can vote.

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    1

    Understand what exactly makes up your mortgage payment.

    There are a few different areas that encompass your full mortgage. The areas in your payment typically include the principal amount of the home, interest amount for the loan you borrow from the bank, any taxes associated with your property, and the insurance on the home.

     

    While every lender has their own breakdown of what a mortgage payment entails, this is typically a format that is followed. 

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    Decide how much you can put into the down payment on your home.

    The higher the down payment, the less money you need from your lender, and the lower your payments will be. The program you choose is also a factor in payment amount. Have you selected a 30-year fixed mortgage or a 15-year fixed? What about a variable rate? Consider these questions when you are ready to apply for a mortgage.

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    3

    Be sure that you completely understand what mortgage jargon means.

    Variable and fixed are words thrown around consistently with mortgage rates. In a fixed mortgage, your payment will be stable, but the rate will be higher than a variable. If you choose a variable rate, the amount is linked to the economic index, and it can rise and fall depending on the state of the economy.

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    If you make 13 mortgage payments each year instead of the standard 12, you can save a lot of money over the life of your mortgage!

    https://www.1stukmortgages.co.uk/

    The amount of payments that you make each year can decrease the price of your mortgage over time. Adding in one additional mortgage payment is one way to save on interest, and even pay your mortgage off earlier in the term of the loan!

     

    These are four of the top items to review while you shop for the best mortgage for your needs.

     

    Purchasing a home can be incredibly stressful and finding a mortgage when you have less than perfect credit is challenging. Luckily companies like 1st UK Mortgages are here tobad credit mortgages to individuals that may need a little help finding a lender to suit their needs – visit today for more information!

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