french mortgages uk

french mortgages uk
If you are looking for a mortgage, there are three important questions you must answer. Here are the questions you need to quiz your lender on.

Mortgages can be the most intimidating aspect of home ownership assistance. As a homeowner, it is easy to second guess your decisions, part of choosing the right financing is knowing the right questions. Here are the questions you must answer.

Is this mortgage Do you have a prepayment penalty?

Do not accept a mortgage with a prepayment penalty. Plain and simple, unless you have really bad your should be able to negotiate for a mortgage who do not have a prepayment penalty.
Prepayment penalties are used to promote the lender's income, if you refinance or sell your house. In today's mortgage lenders are to be concessions in order to remain competitive. For this reason, much of your mortgage is subject to negotiation. Do not settle for a loan with a prepayment penalty unless you absolutely have to. Accepting a loan with this penalty could cost you as much as six months worth of interest on 85% of the original loan balance if you refinance or sell your house.

If the lender guarantees the interest rate?

Interest rates fluctuate on a weekly basis. The lender of your listings, you can easily from one day to the next. Ask your mortgage lender to lock the interest rate quoted to you. Make sure the lender gives you enough time to think about the mortgage and that there is no fee for the guarantee of this rate. While you're there, ask the lender to lock in the points required to the guaranteed interest rate.

What documentation is required?

They want to close on the mortgage as quickly as possible to ensure that you do not lose the guaranteed interest rate. The documentation is part of the loan that could delay your closing. If the lender requires an appraisal or a survey to make sure that all necessary documents in hand and before the closing. If you are unable to take all necessary documents before the expiry of the lock period you can lose your ideal interest rate.

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Louie Latour has twenty years experience in the mortgage industry as a mortgage broker. He is the owner of mortgage refinance Advisor, a mortgage to help a homeowner save money site with a free mortgage refinancing guide: What you should know.