Many people often consider mortgages as a complex and difficult matter. There are also some myths that people share. These myths leave most people worried about how the mortgage will affect them. After application, some people are mostly stressed by the repayment process. This perception and the reluctance to talk about them indicate that some people could be missing out on the benefits of mortgages.
When it comes to your finances, knowledge is very important. Therefore, if you are thinking about getting a mortgage in the future, or have one at the moment, never fear to ask questions and always do research. These are three mortgage myths that you need to be aware of.
- A mortgage payment holiday or break will cost you nothing
A payment holiday is when the financial institution suspends the payments of your mortgage for a given time. The payment and the interest are then moved to the mortgage’s balance. For most people, this means that at the end of the break, the payments they make on a monthly basis will increase. Therefore, always ensure that you check the increase with the bank before signing the papers!
- You cannot switch the mortgage
Has mortgage payment become your second nature, then you possibly can’t often think about it. For you, it is just like any other bill that leaves your account monthly and you cannot do anything about it, right? No, you are wrong. At the moment, you can switch your mortgage from the comfort of your home. You don’t need to walk into a bank and sign tens of paperwork.
There is no need to stay with a bank for the duration of the loan you took. Switching the mortgage a different financial service provider can sometimes be the best option. Since a mortgage is your household’s biggest monthly expense, switching it to a different institution can save you a lot of money.
- Switching my mortgage is expensive and complicated
It is obvious that nobody wants to experience a complicated mortgage switching process. However, you don’t have to because there are many different online tools that can assist you make the right decision and avoid all the hurdles. There are some websites that enable you see the amount of money that you can save, and the cashback offers that are available. With these tools, you can be able to compare all the big banks in Ireland and also get a trusted and impartial view about the options they offer. Even better, you can do all these from your own home.