First of all, what is the "Next Generation Mortgage?" It is the most innovative mortgage of the 21st century commonly known as an Off-Set mortgage or an All In One loan? It is a mortgage that has been engineered to benefit the borrower, not the banks. Essentially, it's a mortgage that combines home financing and personal banking all into one fluid account, unlike all traditional mortgages.
By design it allows you to use your idle cash to "off-set" your mortgage principal balance, thus making it a principal first mortgage. This mortgage allows you to use your idle cash to work for by saving you thousands of dollars in interest cost. What would your financial picture look like if you could pay off your home in a third of the time, without changing your normal spending habits.
Many homeowners who have switched to the off-set mortgage are now set up to solidify other future financial obligations like: college tuition, retirement, future health needs or real estate investing. The only loan engineered as a financial tool that combines borrowing and banking into one.
By design it allows you to use your idle cash to "off-set" your mortgage principal balance, thus making it a principal first mortgage. This mortgage allows you to use your idle cash to work for by saving you thousands of dollars in interest cost. What would your financial picture look like if you could pay off your home in a third of the time, without changing your normal spending habits.
Many homeowners who have switched to the off-set mortgage are now set up to solidify other future financial obligations like: college tuition, retirement, future health needs or real estate investing. The only loan engineered as a financial tool that combines borrowing and banking into one.
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Since some mortgage options are less conservative than others, it's important to determine if you are a risk-taker or if you prefer more stability in your financial dealings.
Do you invest in the stock market?
Or put your money into Certificates of Deposit?
These are two different ways of handling money.
Depending on your answers to these and other questions that may be asked by your lender, you will be able to choose the mortgage that is right for you.
If you're looking for a mortgage with payments that will remain essentially unchanged over its term, or if you plan to stay in your new home for a long time, a fixed-rate mortgage is probably right for you.
Do you invest in the stock market?
Or put your money into Certificates of Deposit?
These are two different ways of handling money.
Depending on your answers to these and other questions that may be asked by your lender, you will be able to choose the mortgage that is right for you.
If you're looking for a mortgage with payments that will remain essentially unchanged over its term, or if you plan to stay in your new home for a long time, a fixed-rate mortgage is probably right for you.
You will be able to know how much you qualify for, or if you do not automatically pre qualify, you will be given advice on what you can do to get qualified for the amount you are looking to borrow (increase your credit score, apply for special loan programs, etc.).
The first step in the mortgage process is pre qualifying, which will determine how much a lender will lend you.
Most lenders use national guidelines to determine the maximum amount that they will lend.
Within the context of these standards, some lenders choose to be lenient and flexible, while others are strict.
The first step in the mortgage process is pre qualifying, which will determine how much a lender will lend you.
Most lenders use national guidelines to determine the maximum amount that they will lend.
Within the context of these standards, some lenders choose to be lenient and flexible, while others are strict.
On the day you actually buy your new home, in addition to your down payment and the prepaid property tax and homeowners insurance premiums, you'll need cash for various fees associated with the purchase.
These expenses are known as closing costs and are paid by both buyers and sellers.
Some closing costs you pay up-front when you apply for a mortgage loan.
That includes money for a credit check on all applicants and an appraisal on the property.
Keep in mind that even if you don't eventually receive the loan, that money is not refundable.
These expenses are known as closing costs and are paid by both buyers and sellers.
Some closing costs you pay up-front when you apply for a mortgage loan.
That includes money for a credit check on all applicants and an appraisal on the property.
Keep in mind that even if you don't eventually receive the loan, that money is not refundable.
Feel free to use this glossary to help familiarize yourself with some of the common terms used in the real estate and mortgage industry.
Acceleration Clause -Condition in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made, or for breach of other conditions of the mortgage.
Adjustable Rate Mortgage (ARM) - A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.
Thus, interest rate and payments rise and fall with the market.
Acceleration Clause -Condition in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made, or for breach of other conditions of the mortgage.
Adjustable Rate Mortgage (ARM) - A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.
Thus, interest rate and payments rise and fall with the market.
A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained.
From experience, REALTOR(R) also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price.
Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained.
In preparing your home for the market, spend as little money as possible.
From experience, REALTOR(R) also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price.
Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained.
In preparing your home for the market, spend as little money as possible.
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