Short on Cash? Get a Mortgage with a Buy Down

Written by Syd Johnson


Continued from page 1

Who gets buy downs? Buys downs are perfect forrepparttar upwardly mobile. That is singles or couples who are purchasing their first home, but expect a rapid or substantial increase in their income within a couple of years.

Unlike a fixed rate mortgage your payments will be steadily increasing overrepparttar 112126 years. In addition, unlike an adjustable rate mortgage, you will find yourself paying way over market rate forrepparttar 112127 last few years ofrepparttar 112128 loan.

These types of loans are usually setup as 15-year of 30-year deals. The big advantage of course is that you can get a lot of house for very little money up front. However,repparttar 112129 seller or lender will reap a much higher rate of return on your loan than he or she should get on a fixed rate or regular adjustable rate mortgage.

It’s a great deal inrepparttar 112130 beginning, but make sure you will haverepparttar 112131 income later on to coverrepparttar 112132 large payments plus your other household expenses.

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com Syd Johnson Editor


First time home buyers can find national and local mortgage lenders online

Written by Syd Johnson


Continued from page 1

Look for lenders online Once you have your credit information you can type in “home loan” into any major search engine and come up with a long list of banks, credit unions and other type of mortgage lenders. Once you find a few resources, fill out their online questionnaire and you are on your way to becoming a first time homeowner.

While you’re there, any good website should also have a mortgage loan calculator. Userepparttar mortgage loan calculator to figure out what type of payment would be most comfortable for your budget.

Read up onrepparttar 112125 process and read all paperwork before you accept a loan Onerepparttar 112126 application process is complete, you can move on to shopping for your new home. Buying a home is probablyrepparttar 112127 largest single purchasing decision you will ever make in your lifetime.

Spend as much as time you as you can reading books, looking up information online and reading all paperwork before you sign to ensure that you haverepparttar 112128 most up to date home loan information.

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com Syd Johnson Editor


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