11 mortgage mistakes that most people make

DEC 13, 2017 AT 01:48 AM

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5. You continue paying the same interest rates

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Financial experts recommend revising mortgage conditions every 2 years or a bit more often. Normally, it costs nothing to change the conditions of the deal, turn to another bank, or ask for a reduction of interest rates. You should look at the average prices for such mortgages on the market and insist on making things fair with your broker or bank.

For this reason, make sure that the exiting conditions in your contract are OK. If you have to pay a fine for early payouts or a bank change, it means that you aren’t having the best of conditions. Spend time and review propositions on the mortgage market as that can save you thousands.

 

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Do you have spare 150 000 $ in your pocket? This is the amount of money one can easily overpay after taking the wrong kind of loan. Mortgage has both its good and bad sides. It allows us to acquire and live in our own house and stop paying rent every month.

6. You believe everything the internet says

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Banks and big brokers use internet advertisements and fake ratings to sell their services. Every day, hundreds of people sign up for bad deals and lose huge amounts of money, all because of believing the wrong information. Check everything twice, take a look at relevant forums, and consult your financial advisor before making the final decision.

Mortgage is not a thing to hurry up about. It is better to take your time to compare terms and conditions, or look for a good broker or bank. You can save up to 20% of your money over the next few years if only you start checking information on mortgage carefully.

 

ADVERTISEMENT

Do you have spare 150 000 $ in your pocket? This is the amount of money one can easily overpay after taking the wrong kind of loan. Mortgage has both its good and bad sides. It allows us to acquire and live in our own house and stop paying rent every month.