THE MORTGAGE MAZE
Some people would rather walk on glass than face the prospect of applying for a mortgage. “Scary” is how they would describe mountains of complicated, intimidating paperwork and navigating through the “mortgage maze.”
Their need and desire for a home for their children and their future hinges on obtaining a mortgage. To that end, they are sometimes hasty in their mortgage choices - just to “get it over with.”
Authors, Julie Garton-Good, “All About Mortgages: Insider Tips to Finance Your Home”, and David Reed, “Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan”, both agree that consumers must understand what they are signing up for considering the amount of money at stake. They offer the following six common questions a first-time homebuyer should consider:
- WHERE DO I START?
- HOW DO I FIND A LENDER?
- FOR WHAT KIND OF LOAN SHOULD I APPLY?
- SHOULD I TAKE THE LOWEST INTEREST OR NOT?
- WHAT’S A POINT?
- WHAT IS PMI?
Please see The Charlotte Observer, dated July 6, 2008, Pgs. 1F and 2F, Special Advertising Section, Real Estate Today at www.charlotte.com/realestate for answers to the above questions and more.
Some of the above information provided by Mary Umberger, Chicago Tribune.
Please feel free to contact your Charlotte/Lake Norman agent at 704-617-0873 for more information or assistance.
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