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All About Mortgages


Though most people think of home buying when they think of mortgages, there are actually many ways to use a home loan. You can, of course, take one out to buy property, but you can also use one to pay for renovations, make a large purchase, or get a better rate.

The most basic mortgage is one an individual or couple takes out upon buying a house, condo, or townhouse. Very few people can afford to buy a home outright, so instead they save up for a down payment, and count on a bank or other lender to finance the rest of the purchase. This means that the property is actually owned by the lending agency until the loan has been paid off.

The most typical mortgage is expected to be paid off over a period of 30 years. However, 15 and 20 year ones are also available, and can get you a better interest rate because you will be paying them off faster. If you sell your home before the lien is paid, you will give the bank their share of the profits and keep what remains for yourself.

A refinance is like a regular home loan, however it involves dissolving one loan and creating a new one with the goal of having a better interest rate, better payment terms, or other things that the home owner would like to achieve. While it is inadvisable to refinance your loan frequently, every once in awhile it can be a good idea -- especially if rates are dropping or you happen upon an excellent deal. You can also do a refinace to change the length of your loan or change lenders.

Another common type of mortgage is a home equity loan. You can take one of these on top of a traditional home loan, provided the property you own is worth more than you owe on it. Traditionally, home equity loans are used to pay for repairs, renovations, and other things pertaining to your property. However, they can also be used to cover other types of expenses, to wrap up things like credit card debt into one payment, or to cover a big expense like a wedding or schooling. Alternately, a home equity line of credit can be taken so that you can use the funds that you need without taking out (and paying interest on) a lump sum of money that you may or may not need in it’s entirety. This is recommended especially for renovations and other projects that will have you spending a little at a time.

Now that you have the mortgage basics, you can determine exactly what you need and start researching your options even further. Remember, great rates are available now for all types of loans, no matter what sort of risk credit history you have. Contact us today with any questions and to get started!


Perfect Score Tips When Applying:

  Stay On Top of Market Conditions
    Keep updated on rate changes. Rate changes can fluctuate daily depending on market conditions. Even though you may have good, very good, or an excellent FICA score, you can only get the lowest rate which the financing wholesale markets can pay. Our website offers weekly snapshots of market averages.
  Get Your Paperwork Together
    Get your paperwork and financial statements together so when you lock in a low rate you will be ready to close in a timely manner. Rate locks typically fall into 15, 30 day, 45 day, and 60 day rate locks. Financial statements to gather include income statements such as w-2 forms and bank / checking account statements.
  Be Ready to Negotiate
    You will be able to pay off your closing costs within a short period of time.
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