|Mortgage & Refinancing Information|
5 Home Buying Essentials
Purchasing a home involves certain important, even essential, steps that every buyer should take before closing on a purchase. Let's examine these "essentials" which, if properly implemented, can help you save valuable time and aggravation.
1. Determine What You Can Borrow. Sure, if you know your interest rate and the length of the loan you can pretty much determine your monthly payments, right? No! You must include your property taxes, homeowners insurance, and association or maintenance fees, if applicable. These "added" costs can significantly contribute to higher monthly payments. No lender will give you a loan without figuring these costs in.
2. Know Your Fees. Closing costs can add up to the tune of several thousand dollars. Title searches, realtor fees, loan applications, attorney fees, and legal fees must be taken into consideration. Many states require lenders to give to borrowers a ballpark figure of what these costs will be.
3. Shop For A Loan. The longer you plan on staying in your home, the more likely you will want a fixed rate mortgage. If you are planning on a short stay, a variable rate mortgage may work best for you. Consider an interest free mortgage if you basically plan on "flipping" the home in one or two years. Of course, you had better hope that your home appreciates significantly in that time otherwise you may find yourself owing more than what you originally paid for the house!
4. Get Pre Approved. Realtors and sellers will take you seriously if you are pre-approved for a loan. In some cases the pre-approval will not only swing a deal your way, but you could find the sellers are more receptive to lowering their price if they believe you are a serious shopper.
5. Negotiate. You may not be able to get the seller to drop the price of their home, but you may be able to get them to sweeten the deal by including certain extras. Air conditioners, refrigerators, washers, dryers, ceiling fixtures, and window treatments are some of the things that add value to your purchase. If extra items are included in the sale, then your later pay out for these items will disappear.
In all, if you are a thoughtful and savvy shopper you should be able to save money on the purchase of your home by following these five essentials.
Matthew Keegan is The Article Writer who covers topics from business to health to mortgages. You can view samples of his work at http://www.thearticlewriter.com
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Home Equity Loans Categories
Fixed Rate Mortgages: These loans have a fixed rate of interest over the entire term for which the loan has been disbursed. The term for these mortgages is typically between 10 to 30 years.
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Why Choose a Home Improvement Loan?
Many people choose to take out home improvement loans so they can give their house a new look before selling.Home Improvement Loans can help you if you have been considering doing some home improvements to your home and have now decided to look for a loan to turn those home improvement ideas into reality.
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Why Choose a Home Owner Loan?
Most people choose a home owner loan as it can release the capital that is tied up in their property for immediate use. The loan can be used for any purpose, and is available to anyone who owns their home.
Hard Money Loans - Reasons Why You Might Want To Try Applying With A Subprime Mortgage Lender
Before you apply for a hard money loan, try applying with a subprime mortgage lender first for lower rates and fees. Hard money lenders charge excessive fees to high-risk borrowers, but will only lend 50% to 75% of the value of the property.
Option ARM Mortgage Loan - Is This Really for You?
What happened to the days of a 15 or 30 year fixed rate mortgage loan? Ultimately this is the safest and most popular mortgage loan product in our industry, but new mortgage products are hitting the market, and we in the mortgage business are using them to our advantage; ever heard the radio advertisement saying, "buy a $200K home for $643.28 per month; call XYZ Mortgage Company to apply"? The product used in this ad is called an Option ARM, and I feel it's my duty as a mortgage professional to tell you what this product is in case you happen to meet up with that loan officer whose only concern is to make a fee, and not have your best interest in mind.
Refinancing Your Home Mortgage Loan
You're considering refinancing your home mortgage loan to save money. Interest rates are the lowest they have been in decades.
Finding the Best Homeowner Loans for Your Money
Looking for the best homeowner loans can be stressful, especially when there are so many different lender options to choose from.Banks, finance companies, and online services all claim to offer the best homeowner loans? which one should you choose?The answer can depend upon what you're wanting out of a loan, what past business relationship you have with the lender in question, and the amount of equity that you have in your house to use as collateral for the loan.
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