New Mortgage Guide Offered

A new guide to mortgages has been published by The Financial Regulator, offering independent information to help consumers make informed decisions when buying their first home. It can also help when a borrower is trading up in housing space, switching mortgage lenders or products or purchasing investment properties. The guide explains how much you can borrow, what size mortgage you can get and even explains some of the risks with little or no money down mortgages. Different loan types are explained with pros and cons, and interest rates and payment options are also covered.

The most crucial thing to consider when you apply for a mortgage, regardless of what type of mortgage you choose, is how much you can realistically afford. While some people think that they may be able to put a little more towards their house payment and a little less to other debts, they often find themselves unable to pay their mortgage. The general way to apply for a mortgage is to see how much you can get approved for, not the honest amount that you can afford each month, a much safer way to borrow. The guide also reminds that, in this market, a $200,000 loan will end up costing almost $100,000 in interest.