8 of the most common mortgage myths – busted by Blue Sky!
- Myth: It is cheaper to go direct to a lender
Fact: The lender pays the broker so there is no additional cost to the customer - Myth: Refinancing can take a long time
Fact: Refinancing has never been easier or quicker. The availability of title insurance can shorten the process to as little as 10 days - Myth: Refinancing always means extending the loan term
Fact: Not necessarily. It is possible to refinance existing shorter term loans over the existing period, simply taking advantage of lower mortgage rates - Myth: It is cheaper / quicker / easier to deal with a lender / broker over the web or on the telephone
Fact: Not so. Brokers are paid by lenders. You are entitled to face-to-face meetings if that’s what you want. Most Irish people prefer this, particularly for a purchase as big as a mortgage - Myth: If I have a poor credit history, I will have to pay a higher rate to a lender.
Fact: Some customers can over-estimate their credit issues. Many lenders will accept some credit blips and if they do you could secure a rate that could be up to 2% lower than that from a ‘sub-prime’ lender - Myth: You should choose a fixed rate mortgage when interest rates are low
Fact: At any time, it is possible to make a case both in favour of and against fixing. Your Broker can give you their opinion if a fixed rate option is suitable for you - Myth: Refinancing means lots of paperwork
Fact: There is less paperwork than you think. Also, if you use a Blue Sky Mortgage Broker, we can steer you through any confusing bits - Myth: Legal fees can reduce the benefit of switching mortgage Lenders
Fact: This is no longer the case. Several Irish lenders are prepared to pay some or all of your legal fees so you can benefit fully from the lower repayments
