Here are a few tips on how _not_ to get a mortgage, and underneath each one, the smart thing to do instead.
1. Don’t haggle.
A mortgage or a house is just another consumer product. A few clever words can get a sweeter deal. So haggle!
2. Buy in high-season, when everyone else is.
Buy off-season, usually November, December. You may be able to wangle a ‘seasonal discount’. Sales are slow, so mortgage companies and real estate agents will offer better deals.
3. Don’t look at the small print.
Companies may offer very low rates upfront, but hide additional costs in the small print. Beware of prepayment penalties.
4. Go for a long term.
Try to keep the term of the mortgage as short as possible. The shorter the term the less you pay in interest. Consider a fifteen or twenty year term.
5. Buy the most expensive property you can (barely) afford.
Resist the urge to splurge. Some lenders will offer up to six times your salary. They’re not doing you a favour. Get the minimum the missus will be happy with. Divorces can be triggered by loan defaults.
6. Ignore your credit...
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