. The most difficult thing is the decision to act, the rest is merely tenacity. –Amelia Earhart
FEB 17, 2015by ENTREPRISE NKin MORTGAGE
When you think about buying a house, you usually do not have a lot of cash with you. A mortgage is then an answer to all your questions. Mortgages make the process of home buying as simple as ABC. Despite this many people are not in the favor of them. The reason is that they are somewhat scared of Cincinnati foreclosure if they somehow failed to make the payments within the given time. Cincinnati filing bankruptcy will then be their way out. However, if you think you can afford to buy a home, then mortgages will be your best options.
Before you begin, you should learn about mortgages and how it works. A mortgage is simply a legal contract that states that the lender has a right to own their property if you fail to pay back the loan (inclusive of interest and fees) given to you. The US law states the “lien theory” which means that the mortgagee holds a lien on your property and has a right to foreclose it if you do not pay back the loan within the given time.
There are many types of mortgages. The most favorite is the fixed rate mortgage. Fixed rate mortgages are usually the most sought after option. The interest rate in this type of mortgage remains the same until the total lifespan of the loan. Second one is the adjustable rate mortgage. The interest rates do not remain the same in this type of mortgage. They keep readjusting according to the period you select. There is a certain frequency that decides when the rates will be adjusted. For instance, if you are going for 3/1 loan, this would mean that your interest rates will not change for 3 years, but every three years they will be readjusted. Balloon payment mortgages are the third type. In this type of mortgage you are required to pay a certain amount of money after only a short time.
Now that you have decided for a mortgage, you must now look for a trusted and reputed lender. He is the one who will help you in finding the house according to your needs. When you get access to a lender, you will get to know how much you can spend and then you can carry on finding a house according to that. Being pre qualified for a set amount will make it easier to explain your current financial situation to other lenders as well. This will also make it easier for the lender to decide whether the house you are opting for will have enough assets to return back the loan within the time allotted. The next step is to pay for house inspection that is applicable to most of the types of mortgages.
There are also a few other things you need to be aware of before you set for a mortgage. You must know about the Annual Percentage Rate (APR). This gives you a clear idea of how much you will have to spend. Also this can save you from lender scams. Make sure you pay the down payment as this will certify your loan. Also check your credit reports for any errors before you select a mortgage.
By Destiny Page
Financial Calculators
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
1
Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
2
http://en.wikipedia.org/wiki/Phoenix,_Arizona
3
Facts of Arizona – year 1848 to 2013
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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Walter
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
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