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Mortgage Loan Bad Credit or Good Credit
Home Mortgage Loans -
Since buying a new home is such a large purchase, that
you will be paying for a good portion of your life, it is essential that you
shop around for the best deal for yourself. If one option works really good for
someone you know, that option may not be the best option for you. Everyone is
different, that is why you need to compare all types of home mortgages and their
rates before you settle on one.
The first thing you should
look for when shopping for a home mortgage loan is the 6% solution. There is
something called a seller concession that can save you money. It works like
this: suppose you agree on the price of the house at, say, $200,000. You then
ask the seller for a 6% seller concession. What this means is that you add (up
to) 6% to the price of the house. That's right, you're now going to pay $212,000
for that house -- but the seller is going to give you that $12,000 back when the
sale takes place. You're going to use that money to cover all of your closing
costs.
One of the second best
options you can look for when shopping for a new home or home mortgage is to
assume an existing home mortgage. Assuming an existing home mortgage is another
way of saying you will take over the existing mortgage on the house you wish to
buy, rather then getting a new one. This is beneficial if, for example, the
existing mortgage has a lower interest rate. You can also avoid some of the
administrative costs of taking out a new loan. In order to assume a mortgage, it
must be transferable, and you must be able to pay enough cash (or get a second
mortgage) to cover the difference between the purchase price and the outstanding
debt.
The last, but not least best
option for buying a new home or getting a new home mortgage is to get seller
financing. Seller financing means that you can pay the seller directly over a
period of time, rather than borrow money and pay at once. With a seller
mortgage, you can often negotiate a better interest rate and avoid the various
administrative fees charged by lending institutions. Seller financing can be
attractive if for some reason you can't qualify for a loan. More importantly, it
enables you to avoid the dreaded mortgage insurance. Normally, sellers want a
short term mortgage, around three years in length. After that time, you will
have to get a mortgage from a traditional home mortgage lender and pay the
seller in full.
There are other options you
can look at when you buy your home, such as paying down the principal. The one
thing you should remember though, there isn’t one option that is going to work
for every buyer. You should do as much research as you can before settling on a
home mortgage. Doing as much research as you can will only make you better
prepared when you walk into your lenders office to talk about terms.
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