houston mortgage guidelines and definitions

Houston Mortgage Guidelines

Helpful Tips and Definition of Terms

Mortgage

A loan secured by a house/property and paid in instalments on an agreed period.

The largest financial obligation that homeowner has ever made.

What is Mortgage?

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Defining of Terms



pertains to the length of time you will pay off in full the loan

Terms



the interest rate. The amount of money charge by the lender for providing the loan

Rate



closing costs added into every mortgage. It includes all the fees associated with mortgage

Costs

Finding a qualified mortgage broker that can work with you and help you in the process is the first thing you need to do.

Mortgage brokers should look for an excellent bank in Houston area.

If you are shopping for rates online, there are excellent platforms online that can help you find good rates.

Good Mortgage Rates in Houston

Floating vs. fixed Interest rates

Also known as Adjustable rate mortgages which is considered as a ideal solution for some but a great risk for others. With these rates your monthly payment of mortgage is identified by that month interest rates.

Floating Rates



For first time buyer of houses or for those who intend to live in their house for a shorter period of time and then resell, this interest rates is suited for you.

Fixed Interest Rates



Pre – payment option



Step 1 : Pay an extra amount on the principal of the loan each month.

Step 2: Make an added payment in full once a year.

Step 3: Put excess money available back into the home.

Steps in Pre-payment



Offers the homeowner the chance to pay only the interest of the home for the first few years of loan repaying.

Interest Only Mortgages



Important points

If you're planning on purchasing a Houston home and plan on availing a mortgage, it is extremely essential that you have good credit.

If you intend to buy a Houston home it is best to ask the help of an expert. You can visit www.Lending2All.com for more information and assistance.




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houston mortgage guidelines and definitions

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