Saturday, March 22, 2008

Shop 'til u drop- the never ending mortgage story

I thought this was an appropriate post as I have had a friend complaining to me during the last week that she cannot find the right mortgage for her and her future husbands house. On a tight budget they are finding it difficult to find a Mortgage that won't totally ruin their budget.

And it makes me so glad I am not having these problems because it seems like a total headache. But if there is one thing I have learned from hearing these complaints during this week is that you should shop around. And you can shop 'til u drop! This advice does not only come from my friend but also from The Council of Mortgage Lenders (CLM).

Although there has been some crushes and crashes in the mortgage business lately it seems as if there are some good options out there. What you need is energy to find them, and of course a good mortgage adviser! If I were looking for a mortgage I would definitely try to find someone who know more about it than me to make sure I don't lose out in the end.

Those of you who read here; any information to share about mortgages? I know nothing so perhaps you will be able to help others by giving your advice here. Feel free- the comments are all yours.

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Gaida said...

Hi Linda,

Oh... The joy of having a mortgage.

It's important to shop around to find the right mortgage to suit your needs.

Families are really struggling with yet another mortgage rise and another one in the near future.

One way to reduce your overall mortgage is to try to make payments fortnightly instead of monthly and to add even $20 to it.. you'd be amazed how much it will reduce it over the long run.

Unfortunately many take on monthly committments that they cannot afford & rises on top of that mean they are losing their homes.

Makes you wonder how will our kids ever afford a home of their own! He might be waiting to inherit mine!

Linda said...

That is great advice Gaida, thanks for sharing. it does seem like a real jungle finding the right one. But just like you say, sometimes it's better to pay off a little bit more than less and in the end you will have saved money, of course if that is possible. :) Lets hope our kids start saving early and learn how do make good biz when facing this situation and others.

erp said...

hi there~
yup , glad you dont have this problem.hehe nice post


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