The Need to Know: Mortgage. Mitchel Ronacher , Isaac Hill, Adam Luehmann, Corey Plath. What is a Mortgage?. A Loan Legal signed agreement Foreclosure Monthly Payments. P.I.T.I. Principal Interest Taxes Insurance. Where do you find a Mortgage Lender?. Lender can be anyone!
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MitchelRonacher, Isaac Hill,
Adam Luehmann, Corey Plath
Legal signed agreement
More pocket cash and security
Itemized list of current debt
Real-estate based debt
Security Account Statements
Retirement fund interest
Life insurance policies
Significant Pieces of personal property
Other Debts or Income
Amount approved to lend
You decide to accept or not
Amount being financed
Annual percentage rate
States you will repay the loan
You agree to the terms of payment
Explains the consequences of not paying
Signed by seller to transfer ownership
Held by third party till the loan is paid
You receive a copy as evidence at closing
Declares the information you provide is true
States the house will be your main residence
States all needed repairs were made
Don’t buy if you can’t stay put.
Aim for a home you can really afford.
Buy in a district with good schools.
Get professional help.
Hire a home inspector.
Misunderstanding mortgage discount points.
Ignoring mortgage rates.
Failing to compare lenders.
Not considering various loan options.
Not understanding basic terms.
The average 30-year fixed-rate mortgage was 4.32% with 0.7 points for the week ending Sept. 26, down from 4.5% a week earlier. A year ago, the 30-year fixed rate was 3.4%.
The average rate for a 15-year fixed-rate mortgage was 3.37% with 0.7 points. Last week the rate was 3.54%, and a year ago it was 2.73%.
Read more from JSOnline: http://www.jsonline.com/business/mortgage-rates-hit-9-year-low-freddie-mac-reports-b99107307z1-225357992.html#ixzz2gXgTtZol