A Basic Guide to Mortgages
This is an excellent read about mortgages. The specifics and terms are skewed towards the American real estate industry, but the basic principles are applicable here.
The article outlines the ten questions to ask about mortgages:
- How much can I afford to borrow?
- How can I tell which mortgage rate is best for me?
- What is the best type of mortgage for me?
- How should I repay it?
- Can I make lump sum payments to reduce the size of the loan?
- Are there any redemption penalties?
- Does this mortgage come with compulsory insurance?
- What other charges will I have to pay?
- What happens if I can’t pay?
- What about the small print?
The full article and explanation can be found here.
