pay mortgage in 10 years

own experience on your dream, you can be in a position where you are very impulsive in dealing with the house brokers and mortgage companies. This may lead to bigger problems later on, as you pay your monthly mortgage. The thing is, buying a house, collect the right information and a careful evaluation of all aspects including the ability to pay the mortgage, the kind of house to choose the nature of your need, the amount of mortgage payment you can afford, the broker and loan companies to choose, etc. Take a look from the top 10 things you should know about house mortgage.

1. The less you owe, the less interest you pay. Exit on the right foot, your savings. Law does not start for the settlement of a minimum payment that the house seller is required. Save for your deposit early. The higher you pay for your down payment, the less you owe. And the less you owe, you pay less interest. Also, while your mortgage faster than your day is very effective.

2. Getting a mortgage does not mean that you already have a house. Whether the 15-year-old or 30-year mortgages, which remains the same: Your equity is not the owner of the house yet, at least in the first years or even half way to your mortgage payment.

3. Weapons or the adjustable rate mortgage is available in different varieties. Arms are often used as mortgage interest, the top and bottom of each year. Take note of this: There are different types of weapons that you need to know. There is 1 years ARM with 2 / 6 caps. This means that the APR is for the first year and may be even a year later. 3-1 The ARM has a fixed interest rate for the first 3 years after the concept and may change at least once per year for the following years. The 5 a.m. to 1 p.m., 7 to 1, and 10-1 fixed APR for the first five, seven and 10 years and may change if one year after the fixed-rate expires.

4. Ask your agent to lower the interest rate will be substantial savings. It may sound strange, but few realize they Elementary during the processing of the mortgage. Be your own advocate and ask for a better treatment. Do not assume that the list is final.

5. You can save by using the points. If you pay points, lower the interest rate down. And by reducing your interest payment, you pay less. However, this can only be effective if you plan to stay at home or stay with your mortgage for a long time. But if you do not, the skipping of the points is a better idea.

6. Examination of the cost of your mortgage carefully you will find information about how small, to save. The request for a detailed list or item is to estimate the cost of the mortgage will be clear how much you for your loan from the beginning of the loan to the closing costs.

7. Your broker fee is negotiable. Brokers in competition with other brokers and the last thing they want to happen is for a reliable buyer to slip from their hands. So if you buy a house, do not forget to negotiate the price with your broker. I tell you, if you decide to purchase a house through a broker during the play "hard to get," he or she is you discounts if you only ask.

8. Job stability is very important. House is a long-term mortgage loans and thus must be carefully planned. Make sure that you are a good source of income throughout the lifetime of the loan. Otherwise there is a good trend that your house plans and you will be on the verge of bankruptcy.

9. Rating affects your mortgage rate. If you opt for a bad mortgage-house (that's a bad idea), make sure that your credit rating first. This will benefit you getter a better deal with your mortgage company. With a good or excellent credit score makes you a lower risk borrowers and allow the company to get lower interest rate.

10. If you have any doubts, seek professional help. It's okay that you do not know what to do. Take time to seek professional help so that you are, what actions should you take to prevent the owner of a house.

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