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How to Get the Best Mortgage Deal for you

Being able to secure yourself a mortgage is becoming harder and harder. As the economic crisis refuses to right itself, banks and mortgage lenders are becoming more and more strict when it comes to who gets accepted and who doesn’t. Luckily, there are a number of things you can do to help get yourself the best mortgage deal possible.1)    Make sure your credit score is the best it can be!When it comes to mortgages the first place to start is with your credit. Request a credit check to see how likely you are to be accepted for a mortgage. If your credit rating isn’t looking great then don’t panic! There are loads of ways to boost your credit score. Try taking out a credit card and spending on it rarely. Keep track of your spends and pay them off promptly. Your credit score will improve when you can show you have the ability to borrow money and pay it back. Having a good credit score shows you’re dependable when it comes to finances, and this will definitely work in your favour when it comes to being accepted for a mortgage!2)    Putting down a deposit.Putting down a big deposit on your new home won’t only decrease your mortgage interest rates. Lenders are more likely to accept you for a mortgage if you can pay a large down payment, so if you can afford it then definitely do it!3)    Make sure you can afford your repayments.Don’t just look into the cheapest rates available. Be aware of fixed versus variable interest rates, your monthly expenditure and how much you earn and how much home ownership is going to cost in total. Not being able to keep up with your repayments could result in you losing your home or going into arrears, so make sure you do your research!4)    Shop around.Don’t just look at what your bank offers when it comes to finding a good mortgage for you and your family. Although the high street can offer some great deals, you might be best off going with a company who deal specifically in mortgages. This will increase your chances of finding a more suitable deal for you, as they’ll most likely have a lot more products on offer than your local bank. Alternatively, try hiring a mortgage broker to help you find the best deal for you.5)    Deciding when to close your mortgage.Mortgages usually come with a time period in which you are to have paid off the full amount. Though some are fixed, you might be given the option to choose. If so, choose carefully, as the time frame can have an effect on your mortgage rate, so make sure you do the research to find the best option for you.6)    Be wary of hidden fees.When it comes to shopping around for a mortgage you need to be very aware of the fine print. What looks like a great deal might end up costing you more than you bargained for in hidden fees. Make sure you’re fully aware of all of the terms and conditions associated with any mortgage you look at before signing anything -  this could end up saving you a small fortune in the long run!