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Mortgage Loans,  Understanding Your Options!

Mortgage loans can vary from ten to forty years in length, can have fixed, variable or combination interest rates and are available from tens of thousand of mortgage companies. There are programs exclusively offered by banks such as jumbo loans, government backed loans such as FHA, agency backed securities such as Fannie Mae & Freddie Mac. This could be overwhelming if you were not prepared to start the process properly. Following some simple advice and doing some homework could save you thousands of dollars over the life of your loan.

  • Create a financial plan that includes your house payment
  • Find out your credit score
  • Assess how long you plan to own the home, both short and long term
  • Review all of your outstanding debts
  • Be open to options from professionals, but never feel pressured into taking a risky loan
  • Get your proposals in writing and don't focus exclusively on the interest rate
  • If you are refinancing your home to consolidate debt, consider taking a 30 year mortgage
  • Don't overextend yourself by taking a 15 or 20 year term, you can always pay extra on a 30 year mortgage

 

 

 

 

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