Whether you are just starting to think about buying your first home, or you are already mortgaged up to the eyeballs and looking for some advice to help save you money each month, learning about the ins and outs of property loans should be a priority.

With that in mind, here is a run through of the major mortgage talking points to ensure that you are not mystified by them any longer.

Rates make a big difference to mortgage repayment costs

The biggest reason that mortgage rate comparison is so important is that marginal differences in the amount of interest you are charged by a lender can leave you with a lot more to pay back each month.

Depending on the total amount you are borrowing, even variations of a few tenths of a percent can mean that you are obliged to fork over hundreds of additional dollars to your mortgage provider every 30 days or so. And of course in the lifetime of your mortgage, this could lead you to pay back tens or even hundreds of thousands of dollars more than might otherwise be the case.

As such it is not only important to compare rates to get the best deal initially, but also to change packages when possible so that the interest owed is kept to a minimum in the long term.

Checking your credit history can help you get approved

Being aware of your credit history and your current score, as well as taking action based on this to make improvements, is the best way to improve your chances of getting approved when you apply for a mortgage.

You might not realize it, but a number of agencies track how you use credit and calculate your score according to your past behaviors and current status. Paying off credit cards and loans, as well as closing credit accounts as necessary, can lead to score increases. You can also get a better score by keeping up with repayments on your current debt.

Most of all, by knowing your credit score, you can determine whether or not it is even worth applying for a mortgage in the first place, as having your application declined will hurt your score further, so it is best to boost your score as much as possible to avoid this happening.

Self-employed people can get mortgages

You might assume that you need a full time job as part of an established business in order to even be considered for a mortgage, but the good news is that self-employed individuals are also entirely capable of securing a home loan; all they need is proof of consistent income.

The main issue that you will need to overcome if you work for yourself is that lenders will likely want to see more of your income history than if you were an employee of a larger organization; that means being willing to hand over several years’ worth of tax filings, accounts or both.

Saving for a larger deposit is sensible

While you might feel like you are desperate to get on the property ladder sooner rather than later, in most cases it is better to be a little patient and build up a beefier deposit to put down when you apply for a mortgage.

Lenders like to see mortgage applicants with large deposits, since it not only proves that the individual or couple have been able to save responsibly over time, but also means that there is less risk involved on their part.

If in doubt, speak with a mortgage broker or other industry professional to get more information about your unique mortgage options.

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