We Live In The Age Of Creative Mortgage Financing

Category: Finance, Mortgages.

We live in the age of creative mortgage financing. It was pretty standard for a person or a couple to come up with a down payment of ten or twenty percent and mortgage the rest at a fixed rate for thirty years or so.

Housing prices have escalated to the point that too many people can t afford to by homes under the old home mortgage rules. Now that so many homes cost so much, most people can t even imagine saving enough for a down payment. That s why mortgage lenders have designed a variety of programs to help the less- than- wealthy purchase a house. In fact, a down payment can easily be as much as the whole house once cost. Many people don t realize that lending money is a competitive industry, much like many others. You ll see hundreds of sites where lenders are competing to" give" you money at a rate lower than everyone else. If you do some browsing on the Internet this fact will become apparent pretty quickly.

What they don t tell you is that there are often hidden fees and some of these people will be out of business long before your loan is paid off. There are several things you should do before you even apply for a home mortgage in Yuma. That could turn into bad news for you and your house. You definitely need to take some time and educate yourself on real estate and mortgage terminology. If you prefer, you can learn about these things in books or by talking with a trusted real estate agent. The Internet is great for this as there are free real estate glossaries and explanations of the different types of loans you may qualify for.

It really will help you to have an idea of what a loan officer is talking about, especially if this is your first time to buy property. We re all entitled under the law to access these once a year. Another important step is to obtain free copies of your credit report from the three main reporting agencies. Your loan officer will be looking at this while he or she is evaluating your application, so it s important that you correct any mistakes ahead of time. Then you need to check each account. You ll want to verify that your name, social security, address, and all other personal information are accurate. Sometimes payments are shown as late or even not made, when in fact you re up to date with everyone you owe.

Closing costs and other fees are crucial to understand before you sign your mortgage. An error like this can take a few months to correct, so make sure that you allow plenty of time to review your reports. Some lending agencies make thousands of dollars extra by charging hidden fees to their clients. One reliable company that s now in Yuma is Wausau Mortgage Company. They are required to give you a good faith estimate upfront, but it s up to you to read the fine print. They have made it their goal to help each person in the area be able to own a home of their own. Like other mortgage businesses they are using creative financing, but the difference is they want to make sure that you can actually afford to make your mortgage payment.

Instead of rushing you through so they can earn their commission quickly, their loan officers take their time and work with you to find the best terms for your particular circumstances.

Read more...

How Are These Payments Calculated - Finance and Mortgages Blog:

A lot is being written about pledge cycling strategies, the newest entrant in the mortgage reduction techniques widespread in the world. What it entails is this instead of making menstrual payments on your pledge.

Jayne Required A Mortgage For 60% Of The Overall Market Value - Finance and Mortgages:

Homemover Case Studies. Getting back onto the property ladder for Jayne seemed impossible until a new development near by included properties available on Shared Ownership part buy part rent scheme.