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How to Find the Right Mortgage
- Estimate how long you expect to live in the house. If
the answer is less than three to five years, consider an
adjustable rate mortgage (ARM), which typically starts out
with a lower rate. If you plan to live in your new home
longer than five years, a fixed-rate mortgage offers protection
against rising interest rates.
- Shop around for Mortgage Rates. We have provided two mortgage
brokers for you to compare. Each offers many financing alternatives,
highly competitive rates and quality customer service. We
highly recommend both.
- Add up all the costs for each lender. Include fees, points,
closing costs, etc, to arrive at the total mortgage cost
for each lender.
Mortgage Terms
- Amortization Period.
The period of time, after which, if all monthly payments
are made on time and in full, the loan will be paid out.
Down Payment.
The amount of money provided by you, the Purchaser toward
the price of the property (not including legal fees or other
acquisition costs).
- Interest Rate.
The actual cost of borrowing money, charged as a percentage
of the outstanding amount owed. Usually compounded on a
monthly basis.
- Mortgage Amount.
The total amount of money to be borrowed by you, the Purchaser,
and applied toward the price of the property.
- Prepayment Privilege.
The right of the Borrower to pay out all or part of the
outstanding principle before it comes due.
- Term of the Mortgage.
The period of time during which the Loan Contract is active.
During this period, you the Borrower makes periodic payments
(usually monthly) to the Lender and at the end of the Term
the balance of the Loan becomes due and payable.
Mortgage Referrals
In this competitive Market, Sellers demand that a Lender's
Letter of Pre-Approval be submitted with every Offer. This
lets the Seller know that the Buyer has undergone a financial
background check and has the ability to purchase the property.
If you have not already been pre-approved for a Mortgage,
contact one of the following for an IMMEDIATE
FREE PRE-APPROVAL. These Brokers come highly recommended
by TEAM ACKER
Mortgage Payment Calculator
Financial Planners say that you shouldn't pay more than 28%
of your gross income for Housing (that includes principle,
interest, taxes and insurance). Depending on your debt to
income ratio, that percentage may change.
Quick
Mortgage Calculator
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