Avoid Common Home Buying Mistakes
When your young and eager for a home, it is quite simple to get in way over your head. Plus your mortgage lender is not always your friend. Well let’s say they never are. Read here to find out to hopefully avoid some common mistakes.
Common Home Buying Mistakes That You Must Avoid
24yo Way Over His Mortgage Head
This 24yo somehow got into the whole mortgage and real estate game and now that everything has gone bust. He’s stuck with houses, mortgages that he can’t pay and wife and kids. Very awful story.
Learn To Make Money From Your Mortgage
Trying to get a mortgage is nerve racking as you hope that your credit is good enough. Then for the next 30 years or so you worry about paying that mortgage every month. Finally you pay it off. Now what? Well do you know that you can actually make money from your mortgage after all these years of paying? Find out how.
Learn To Make Money From Your Mortgage
Interest Only Loans
I hear a lot about fixed-rate loans, here is a little bit of information on interest only loans. Before getting any type of loan, be sure you know about all of them. It’s harder to get cheated that way. Many are losing their homes because they were misinformed, sometimes on purpose. Remember they work for commissions, not for you.
Mortgage Rates Continue To Slide
Considering that most mortgages will take 30 years or more to pay off, its not a surprise that many people are losing their homes. However mortgage rates have slumped and they continue to decline. They are the lowest anyone has seen in six months and continue to worsen.
Rates on 30-year mortgages drop to lowest level in 6 months
Best of Niner Niner September 06
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Five Hidden Mortgage Catches
This may be worth fo the UK rather than for other countries, but not everyone lives in the USA, after all, and when I found this article on ThisIsMoney.co.uk, I wondered if it couldn’t be worth reading all the same, so that these things would at least kept in mind. Who knows if it might become useful later on, as a kind of comparison at the least.
Of course, it’s best to read the article I’ve just linked to, but in a nutshell, here’s a preview of what these five hidden catches are:
- Exit fees: Firms usually ask for exit fees when customers switch to another lender, or even pay off their loan. Be aware tha tcertain firms may ask way more than what is the traditional fee; make sure to check what those fees could be, and don’t hesitate t ocomplain if they really seem to high.
- Standard variable rate: The standard variable rate is the lender’s fluctuating rate of mortgage borrowing. It is the default mortgage rate people are put onto when a deal expires, and it is advised, in such cases, to remortgage as soon as possible to avoid paying off more than what should be.
- Portability: Especially in the case of long-term deals, make sure that they are indeed protable, i ncase you’d happen to change home later on.
- Higher lending charge: Beware of affordability measures: always read the fine print, so that the good deal don’t turn into extras piling upon extras.
- Early redemtion charges: Most fixed rate or tracker deals involve an early repayment charge, but some home loans have much higher charges than others. Therefore, you should always check the early redemption charges, and work out what the cost of remortgaging would be
Florida Mortgage Foreclosures On The Rise
Here in Florida millions of families have homes and mortgages but that number is sharply decreasing. The housing boom has cooled and now many can’t seem to afford the houses that were once their dream homes.
In August of this year alone there were 16,533 closures in Florida and it doesn’t look like this problem will get better anytime soon. In Miami-Dade there is 1 new foreclosure for every 195 homes.
There are a few different reasons for these forclosures and those include rising gas prices, interest rates, insurance premiums and even job losses.
Get Out of Mortgage Confusion
Confused by mortgage lingo? Do you have no idea what they mean by fixed rate? Unfortunately many people are and they can end making very bad decisions when it comes to getting a house because not everyone is there to actually help you. Remember that when it comes to sealing the deal, your wants and needs are not always first. Here is a great article that can break it down for you and hopefully end the confusion.