Friday, November 10, 2006

Are you qualified?

This is the first question your friends, relatives and neighbors will ask when you inform them proudly about your intention of owning a house.

However confident you are about your repayment plans, this question has to be squarely met when facing the mortgage officer.

Suppose you want to find information regarding Mortgage in Hartford, you need not immediately go about locating your sparingly used yellow pages and spend hours to find what you are looking for.

There are some good online calculators that will reveal you how much you can borrow. Just click on the Mortgage Qualifier, fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments. These calculators give you a very good idea of what a home loan is going to cost, and what you may be able to afford. It is better you learn these terms before you appear for your loan interview. They are very important concepts to understand when applying for a loan.

Gradual debt reduction-normally the reduction is made according to a pre-determined schedule for installment payments.

An account set up by the lender into which the borrower makes periodic payments, usually monthly, for taxes, hazard insurance, assessments, and mortgage insurance premiums.

If the borrower fails to pay back the loan through mortgage payments, the lender has the right to put the home on the market for sale to recover the money owed to the lender. This is known as foreclosure.

Principal, Interest, Taxes, and Insurance are the components of a mortgage payment.

In real estate, closing includes the delivery of a deed, financial adjustments, the signing of notes, and the disbursement of funds necessary to

Every borrower need to know how much a loan will cost? In the sense, there are fees like orientation fee, title charges, insurance premiums,
real estate taxes, Government fees and attorney fees for which you have to provide for.

I suppose you are reasonably prepared for the upcoming loan interview.
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