Anyone can get free mortgage quotes onlineWritten by Syd Johnson
If you are looking a purchase a home in near future you can get free mortgage quotes online and offline. If you have an existing relationship with a bank or credit union, you can contact their customer service department or walk into a branch office and speak with a loan officer. Once you provide some preliminary information, you will get a mortgage quote. This quote is not binding, but it is a great start when you’re shopping for a home loan. Your credit history and income is key to getting accurate quote To give you most accurate mortgage quote, you must provide your credit history, current income, work history for past two years and a list of your current assets if you want them to be considered in analysis of your financial eligibility. You can also play around with numbers to see how changing your down payment could impact amount of loan that you can get.
| | Shared Equity MortgageWritten by Syd Johnson
When you get a shared equity mortgage a private seller or investor will make a down payment on home and share in equity. The investor can pull their investment if you return down payment plus all accrued equity once property is sold. One alternative financing option A share equity mortgage arrangement is an alternative financing option for buyers who might be able to make monthly payments on a mortgage but cannot come up with down payment. This is not an agreement that one should enter lightly because investor might not have same long term goals as homeowner. The private investor might want to pull his or her equity out of home after a few years, while resident wants to keep property for 10, 15 or 30 years. Use a lawyer who can help you structure your shared equity mortgage agreement to protect all parties The best way to protect yourself and your investment is to use an attorney that specializes in these types of transactions. You should be able to get a recommendation from any real estate attorney in your town. Your attorney will structure arrangement so that both parties can receive whatever cash or equity they need in a reasonable amount of time either through a buyout or by selling property.
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