It doesn’t matter how many times you trawl the Internet for information. When looking for tips on taking out a mortgage, you will always be given this advice: compare mortgage quotes. This is the first and most important rule for would-be homeowners. Always compare mortgage quotes. Unless you do, you cannot distinguish the good offer from the bad. Only when you compare mortgage quotes can you assure yourself that you are getting the best possible deal there is.
Comparing mortgage quotes, however, is not as simple as pitting one figure against another. You have to factor other things, too. At the same time, you need to have at least a working knowledge of the mortgage terms and realities you will be dealing with.
Tips for Comparing Mortgage Quotes
Below are some tips to ensure that your comparison yields as precise a result as possible:
1. If you want to make comparisons using very accurate data, get quotes from different lenders or brokers on the same day. Mortgage quotes change daily. At times, they even change several times in one day.
2. When you compare terms, compare mortgage quotes for similar lock periods. A lock period is the...
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