Mortgages are one of the most common, largest and sought-after financial instruments in the world. Every bank that is large enough, offers them. Some businesses offer them to their employees. Some lenders will purposefully lend to foreign investors on behalf of the government’s wishes. Mortgages hence, have become very flexible, very adaptable to tastes and needs. It’s not something you hear very often because, governments and banks want most mortgage customers to take what is given to them. And that is, a box standard mortgage, that is simple and uniform. But for who? It’s not the customer, it’s the lender that wants to keep things simple. But if you’re the one buying, why should it be simple?
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Tailoring a mortgage
If you have the wealth, banks and lending institutions will not kick up a fuss over you wishing to have a unique mortgage. This is because they have confidence in you, that they will be paid back and with interest. But, even if you are not very wealthy, you can push and shove your way into a mortgage that is tailored to your needs in some way. How do you do this?
- Focus on years first! Many mortgage companies want to frame your repayment plan in monthly terms. But you should do so, in years. Mortgages that are put into years, can give you months in which you make smaller payments, followed by larger payments later on in the same year.
- Focus on the interest rate. This is something the mortgage company will be concerned with the most. The interest rate determines the months and years of the repayment plan.
- Make it transferable. Many mortgages are locked to one property for x amount of years. This means you can sell the home the mortgage is attached to and transfer it to your new property when you feel the need to move house.
Find a boutique broker
Mortgages are just like any other financial product. Where there is a customer willing to buy, there is a supplier willing to serve. Finding boutique Mortgage Quotes from a specialist broker is not hard to do. You just need to let them know what kind of things you want in a mortgage and let them use their contacts from within the industry to find the right kind of lender. You’ll be surprised at how many specialist mortgage suppliers there are, that want to satisfy unique demands. If you want a mortgage with a fixed rate for 5 years instead of 2 or 3 (which is the market norm). You can find a mortgage supplier that is able to decrease your mortgage payments, the more you add value to your home, either by expansion or by better technology or materials.
You can add personal touches to your mortgages because the market for mortgages is so vast, adaptable and mature. Banks may be less likely to give you what you want. But brokers can find specialist mortgage providers to circumvent this.