Asking whether fixed rate mortgages are scams is a big question. The answer depends on your outlook of scams.
The pro’s of a fixed rate mortgage come in ways you wouldn’t think of. You know what your monthly budget is going to be every month without fail. You also get a good nights stress free sleep.
A plus point that you would think of is the cost. These are usually given at discounted rates which means the overall cost is slightly lower.
Being scammed means being ripped off, being robbed of money, that sort of thing. The fixed rate mortgage has both pro’s and cons so I don’t regard them as scams.
It’s not only fixed rate mortgages that can cost you more than they should if you don’t do your homework beforehand. All mortgages and loans could potentially cost you extra.
It all boils down to doing as much research as possible and equipping yourself with the best knowledge there is.
Most mortgage brokers and indeed most websites offering to send you to the best mortgage sites are only in it for themselves.
Do you think they (brokers and websites) care whether you get a great value deal or not? Sadly the answers no, they only care about commissions that they pocket.
Sadly it’s always been like this. Most brokers will never offer you the best package for you. There have been the rare exceptions though when brokers have been honest in the past. But it’s quite rare.
When you consider a mortgage you have to know the game inside out. Like everything in life, they more you know the better (deal) you get.
Just where can you discover this insider info about the mortgage racket? Get yourself a copy of Monty Burn’s bestselling book, The 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.
If you think that a mortgage is with you for half your adult life you owe it to yourself to be in the best possible bargaining position.
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