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Real Estate 101: Understanding Mortgages
If you are like most first time homebuyers, you do not already have the money saved up to purchase the home you have selected. As such, you will need to borrow money from a lending institution in order to help you finance your purchase.Before you enlist in the services of a Realtor to help you find a great home, you should consider the various financing options that are available to you in order to determine which one is right for you. By having a good idea of the pros and cons of each as well as which options you qualify for, you will have a better idea of how much you can afford to pay for a home as well as whether or not you are truly ready for the responsibilities of home ownership.There are ten main forms of financing that you can select from. These include:• Fixed rate mortgages• 10/1 year adjustable rate mortgages• 7/23 mortgages• 7/1 year adjustable rate mortgages• 7 year balloon mortgage• 5/25 mortgages• 5/5 and 5/1 year adjustable rate mortgages• 5 year balloon mortgages• 3/3 and 3/1 year adjustable rate mortgages• 1 year adjustable rate mortgagesFixed rate mortgages can be created to be spaced out over ... more
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