If you are looking to buy your first home, or sell your existing home and purchase a new one, you may need an overview or a refresher on navigating mortgage lenders and the mortgage options that are available to you.
Taking out a mortgage is a huge milestone, and it is important to understand exactly what it is, especially if you are going to be paying it for decades to come. There are 3 basic parts that comprise a home loan mortgage:
- Down payment This is the payment that is required to begin and secure the mortgage. As a rule of thumb, the larger amount you are able to put down, the better deal you will be given in the long term. This can include a lower interest rate, less accrued fees, and additional equity gained quicker.
- Monthly payment The potential monthly payment is the amount you will be billed every month, sort of akin to a r Continue reading Do You Understand Your Mortgage Options?