With list of terms and terminologies related to mortgages growing fastly, it is difficult to keep pace with it. However, ignorance of law is no excuse. Therefore, it is necessary to be updated in field of mortgages.

This will not require a wide knowledge of mortgages. A basic understanding of mortgage terms and impact that every mortgage decision has on overall financial condition of customer will be desirable.

Once need for mortgage advice is created, it is easy to get it. There are various articles on topic. Newspaper clippings, seminars etc. can be valuable source of information. Friends and relatives who have taken mortgages too can provide valuable information. These explain various terms associated with mortgage in easy to understand language.

Nevertheless, whether or not advice given is independent still needs to be ascertained. Independence of advice is an important criterion by which borrowers rate its value. Some sources are just selling their mortgage products in guise of independent mortgage providers. It is important to stay away from these advisors. They tend to hide disadvantages of products while enumerating its advantages.

Your bank has choice to either pay amount or not. If it pays even though you don't have money in your account, you may be charged an "overdraft" fee. If your bank returns your cheque without paying it, you may be charged a "bounced cheque" fee.

The best way to avoid overdraft and bounced cheque fees is to manage your account so you don't overdraw it.

Keep track of how much money you have in your current account by keeping your account register up-to-date. Record all cheques when you write them and other transactions when you make them. And don't forget to subtract any fees.

Pay special attention to your electronic transactions. Record your cash machine withdrawals and fees, debit card purchases, and online payments. Don't forget about Direct Debit bill payments you may have set up for utilities, insurance, or loan payments.