How a Mortgage Adviser Can Level the Playing Field
How a Mortgage Adviser Can Level the Playing Field
You probably wouldn’t be very successful at a game of basketball against a professional basketball player; they spend all of their time and energy learning and perfecting their gameplay. That’s what it means to be a professional at the highest level of talent. Why, then, would you attempt to negotiate with a mortgage lender all by yourself? Bankers and non-bank lenders are skilled professionals when it comes to negotiating mortgages, and they’re going to do everything they can to secure a mortgage favorable for their employers. That mortgage probably won’t be very favorable for you. That’s why you need a mortgage adviser to help you negotiate the best loan for you. The right mortgage is one based on your needs, your money on hand, and how much money you predict you’ll make in the future.
Your Needs
Your mortgage needs essentially come down to what size house you need. That should be a calculation of how many people will be living in the house on day one, as well as how many people you think will be living in it in the future. If you intend to grow your family or have someone else move in with you, you need to account for that.
You also need to consider the location of the house. If you work in the city, you might want to live in the city as well; however, if you don’t mind driving, the suburbs could be a good fit. If you have a gardening hobby, for example, you might want to live somewhere with big backyards, and that’s not necessarily available in the city. Once you discuss your needs with your mortgage adviser, he or she can better help you find available properties and mortgages within your scope. Then you have to think about your money.
The Money You Have on Hand
You have to think about how much money you have on hand; that means your cash as well as your collateral. With a mortgage, the house itself is typically the collateral. A mortgage adviser can help you plan your expenses and create a budget so you know exactly how much you can afford to pay per month. Once you get a goal in mind, it’s much easier to find a way to negotiate with these lenders. The money you have on hand isn’t the only consideration, though.
The Money You Plan to Have in the Future
If you know that you are on a good track with your job or with some kind of investments, you can plan to have more money on hand in the future. With the help of your adviser, you can figure out a plan that will allow you to pay less per month right now and more in the future. That will ensure you’re never paying more than you can handle, but you get your mortgage paid off as soon as possible. It’s important to keep some flexibility in the plan, though; if you don’t end up making as much money as you planned, you shouldn’t have to lose your house.
Written By Econloan.com