Masterpiece Social

Mohammad Arsheed

Compare mortgage offers on the full picture

Mortgage offers are easy to compare on the headline rate, and easy to misjudge that way. Two offers can look close until you read what follows a fixed period, which bank charges apply, which insurance is required and what early settlement would involve. Processing time matters as well, because a slower approval can affect the transfer date you agree with the seller. Build one table with a column for each bank and the same rows: rate type, length of any fixed period, what the rate becomes afterwards, bank charges, required insurance, early settlement terms and expected processing time. Ask each bank to fill any blank in writing. The table will not choose for you, but it shows the full picture behind each number. Prepared by Masterpiece Property.

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Keep pace with your buyer's mortgage

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