| Fixed Rate Mortgage - Scam Or Not? |
| Articles - Mortgage |
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It depends on your idea of what a scam is and isn't as to whether fixed rate mortgages are scams.
It depends on your idea of what a scam is and isn't as to whether fixed rate mortgages are scams. The benefits of a fixed rate mortgage come in unconventional ways. You get to sleep ok at night. You get to budget safely every month. One conventional nice benefit is you usually get these at cheaper interest rates than normal. Making the actual borrowing a bit cheaper. When we say scams, we usually mean being ripped of or shafted. The fixed rate mortgage has positive and negative aspects but in my opinion they are far from scams. Most mortgages and loans, not just fixed rate mortgages, could cost you more than they should if you end up with a poor deal. You need to swat up on them before you agree on a deal. It all revolves around doing as much digging and getting as much good info as you can. Mortgage brokers and mortgage related websites aren't interested in your best interests but their own. Don't think for one minute they (comparison sites and brokers) give a hoot whether you end up with a good deal or not. They simply care about the commission coming their way if you take the deal. It's always been this way though. Brokers offer you the deal that suits them, not you. Although occasionally there have been honest brokers but they are few and far between. When you think about taking out a mortgage you need to understand how the game works. The more you know the better deal you'll get. So where do you learn all this vital info about the mortgage game? You could do worse than getting hold of a copy of Monty Burn's Mortgage Bible. You could be in the driving seat during any negotiations after reading the info inside. Vital to you before you sign up for a mortgage. Considering your mortgage is usually with you for half your adult life you owe it to your pocket to do the best for yourself and your loved ones. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Monty Burn was chief of the Voluntary Mortgage Regulator until his sacking for helping too many people. Find out how to get a great fixed rate mortgage deal or download Monty's Mortgage Bible at his website Mortgage Watchdog. Free insider knowledge can be yours. |