Mortgage Buying Tips:

Mortgage Basics

Many people dream of owning their own home, but the high cost of homes generally requires a home mortgage to make this become a reality.

Mortgage Terminology

A mortgage is a loan you obtain to pay for a home and any land it sits on. The home and land is used for collateral on the loan, which means that if you don't make your payments, the lender can take the home away to cover your missed payments.

Mortgage Calculators

The purpose of our calculators is to help you with various mortgage payment calculations:

Top Mortgage Buying Tips
 

Don't take the first mortgage going

Shop Around

Look for a “loss leader”

Don’t be taken in by a low sounding initial interest rate

Beware Redemption Penalties

Make three comparisons

Small is beautiful

Don’t tell any porkies

Save thousands by getting a shorter mortgage term

Consider using a Mortgage Broker

Also check today’s Best Buy tables  

Choosing the Best Mortgage

Why It's Important and How To Do It?

By the time you finish paying off the mortgage on your home, you'll have paid more in interest alone than the actual purchase price of the house. For example, if you borrow $125,000 at 8% for 30 years, you'll end up paying over $205,000 in interest, plus the $125,000 you borrowed. Your $125,000 house has cost you $330,000! so it makes sense to shop wisely for the best mortgage, since it will probably be the biggest financial decision of your life.