Posted on: 13th Oct, 2009 10:12 am
What are some benefits of a Home Mortgage? Why should I avoid a Home Mortgage? What banks do you recommend to inquire about a Home Mortgage? Why? What are common questions and answers people ask when they go to a bank? Why should I pursue a Home Mortgage? How will a Home Mortgage help me save money? What are some disadvantages of a Home Mortgage? What are some advantages of a home mortgage?
A Home Mortgage helps you buy and own residential property if you do not have enough money to pay cash for the property.
If you have enough cash to pay cash for a property, a mortgage allows you to purchase without giving all of your money to the seller. It is always a good idea not to wipe yourself out of cash.
You either choose to rent where you live or buy where you live. You decide what is best for you.
If you have enough cash to pay cash for a property, a mortgage allows you to purchase without giving all of your money to the seller. It is always a good idea not to wipe yourself out of cash.
You either choose to rent where you live or buy where you live. You decide what is best for you.
If you have enough fund(money) then you can purchase home without loan. But generally people prefers home mortgage as they do not have enough money as purchase prise is higher.As loan can have interest rate and loan cost is more that actual purchase prise.In long run the mortgage for home is useful and wise financial decision.
But one thing you have to assure about the monthly payment and also make payment regularly. Otherwise lender will foreclose on home.
I encourage you to consult with several mortgage brokers when you go for mortgage.As speaking with various lenders and brokers will help you determine the best interest rate and terms available to you.
Following things you have to take care while going for mortgage-
1) Terms of mortgage.
2) Interest rate- fixed or adjustable.
3) fees and closing cost applied.
4) your financila condition.
Also there is one significant aspect for getting mortgage is credit rating.so you may have difficulty finding a new mortgage unless you have a very good credit rating. If your credit is less than perfect, you may want to spend some time working to improve your credit score before trying to obtain a mortgage loan. So credit rating is important factor.
But one thing you have to assure about the monthly payment and also make payment regularly. Otherwise lender will foreclose on home.
I encourage you to consult with several mortgage brokers when you go for mortgage.As speaking with various lenders and brokers will help you determine the best interest rate and terms available to you.
Following things you have to take care while going for mortgage-
1) Terms of mortgage.
2) Interest rate- fixed or adjustable.
3) fees and closing cost applied.
4) your financila condition.
Also there is one significant aspect for getting mortgage is credit rating.so you may have difficulty finding a new mortgage unless you have a very good credit rating. If your credit is less than perfect, you may want to spend some time working to improve your credit score before trying to obtain a mortgage loan. So credit rating is important factor.
