AN INSIDER'S GUIDE TO UNDERSTANDING MORTAGE LOANSThere was a time in the not-so-distant past when financing the purchase of a home was relatively uncomplicated. You went to your local savings and loan and signed up for a 30 year fixed rate mortgage loan.
Those days are gone probably forever. Today, you must have what seems like and endless array of choices; different rates, terms, down payments, fees, etc. So how do you pick the combination that makes the most sense for you?
Having spent many years helping buyer to understand the ins and outs of financing a home, I have developed this guide to assist you in evaluating which mortgage is best for you. More than any other single factor, choosing the right mortgage will influence whether or not your investment is a good one. Let's say that you get a great price on a home, but you end up with a mortgage that has high fees and interest rate. You could see the money you saved would disappear in a very short time.
Keep in mind that a great mortgage for one person may be terrible for you. Each of us has different circumstances that determine whether a particular loan is a good deal or not.; whether you are just starting out or nearing retirement, how secure your job is, how long you plan to be in the home, etc. You can be sure that the best loan for a first time homebuyer planning to move up in five years is quite different from the best loan for a couple who is staying for the next 20 years.
Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate
(618) 355-5824
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Labels: financing, loans, mortgege
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Bryan Vogt @ 2:42 PM