Is The Deal I Have Been Offered The Best Subprime Mortgage?
The first thing to do is to get all the facts about the subprime deal you have been offered by the lender. This means to find out everything, including the small print. The best subprime mortgage will not have any nasty surprises and extras that mean you are shelling out a lot more than you have to for your mortgage. Take your time – there is no desperate rush to find the best subprime mortgage. Also think about the service your lender had offered you over the term of your last mortgage. Did it offer all you want? Were they at the end of the phone when you need them? Service and truth is something that is crucial in finding the best subprime mortgage.
Next, once you have all the facts on your offer, go online and start searching for the best subprime mortgage. This means going to the Best Buy Tables and noting what exactly constitutes a best subprime mortgage these days. Things have changed dramatically in the subprime market since you last got a mortgage, so you might be shocked at how much more it will cost you for a mortgage, but everyone is paying more and you will not be able to find a cheap deal any time soon. But compare what you can find with what you have been offered – will your lender be giving you the best subprime mortgage? Or can go elsewhere?
Next it’s worth looking at your finances. How have you handled your previous best subprime mortgage? Were you comfortable with the repayments? Can you afford a little more now, or are you looking to cut down your finances? Your mortgage could well be your most important outgoing, so don’t try and scrimp on home finances. See where you can make savings each month, where you are spending too much and try and put together a realistic budget. It might mean sacrifice, but being able to handle the best subprime mortgage you can find will pay dividends in the future.
Finally, go to an adviser and ask them if you have been offered or have found the best subprime mortgage. They will have the inside track on the subprime mortgage market and will know what is the best subprime mortgage right now. They will be able to help you shape your deal, find you a better deal or just make sure your mortgage goes through properly.