There are a lot of people who are having difficulty acquiring mortgages due to the credit crunch. Even though many banks and our own government want to convince people that the credit crunch is over, it is not and it is still affecting a lot of people. Within the past couple of years many products regarding mortgages have been taken off the market but as of lately the amount of mortgage products available to the public is increasing once again. Although the availability of mortgage products is increasing, people are still having trouble finding a product that best fits them. This may be due to the fact that many lenders are changing the way they provide mortgages to the public.
A large amount of products with fixed terms have had their mortgage rates reduced by lenders over the past few months. Even though the rates are decreasing the product itself along with its arrangement fees have gone up; the standard variable rates of these products has significantly increased and are now much higher than they were originally. You should be cautious and not so hasty to make a deal because even if the overall rates seem low the standard variable rates should be reviewed thoroughly, and you should also think about how your financial situations may change over next 2 or 3 years.
Other fees that have also shown an increase are the product and arrangement fees. You should check with more than one bank and see if any of them are offering special offers and if so which offer is the best overall deal.
People would be smart if they read up on the latest mortgage products so that they will be well informed when making a decision as to which one to use. Gather as much information as possible on the newest deals that are being provided by lenders and updated rates that have been applied to old products. These numbers will most likely change every day, so research should be performed on a daily basis to ensure that the information is current.
Zero down mortgages used to be much easier to acquire before the problem of the credit crunch arose which as a result decreased to 60 and 70 percent mortgages. Lately the government has been advocating how important it is for banks to be willing to lend more money to homeowners and business people; as a result some people may be able to get 80 to 95 percent mortgages.
You should check the news everyday about new mortgage rates and deals if you are trying to get a new mortgage or are just interested in refinancing. Even though it is important to conduct research it may also prove to be helpful to get the advice of a professional.