Terry’s Blog: Having A Hard Time Understanding Home Mortgages? Follow These Tips!

Having A Hard Time Understanding Home Mortgages? Follow These Tips!
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Watch out for banks offering a “no cost” mortgage loan. There is really no such thing as “no cost”. The closing costs with “no cost” mortgages is rolled into the mortgage loan instead of being due upfront. This means that you will be paying interest on the closing costs.

If your mortgage has been approved, avoid any moves that may change your credit rating. Your lender may run a second credit check before the closing and any suspicious activity may affect your interest rate. Don’t close credit card accounts or take out any additional loans. Pay every bill on time.

Determine what sort of mortgage you want. There is more than one kind of home loan. Understanding these differences will make it simpler to apply it to your own situation, this way you can figure out what works best. Talk to your lender about your mortgage optionsfbcoverTerryBornitz

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