Generally  mortgage loans are offered at fixed rates and variable rates. The fixed mortgage plan is where  you have to pay the same rate of interest for the whole period  and are  useful for the long duration repayment plans. Variable Rate mortgage is  slightly  different ,  in  this  the rate of  interest   varies  depending  on the market swings and is very useful for the short term mortgage buyer.

Mortgage Loans can be availed for almost all financial requirements. You can take it if you want to buy a new home or renovate the old one, or consolidate your debts .

Why do you need Mortgage Loans?
You May take it for buying a new home or clearing your debts ,but you should be clear in your mind what you are looking from mortgage loan, it will help you in choosing the mortgage that best suits you.

The Second Step that you should consider is that How Much you can actually afford?
Mortgage Loans can be provided upto 100% of your property. However, the big question here is that will you be in a position to repay the loan. You should not gamble on you future capitals and you should assess by looking at your present income and then decide that how much monthly income you can afford. Always count on your present income and financial position ,not your future income and financial position, this will help you in choosing the right type of loan.

You should always contact 4-5 lenders to get the best deals ,as the competition increases the interest rates go down. Try to go through their Offers carefully and also carefully read their terms and conditions ,this will help you in future ,so that you will not get any shocks in future.