Applying for a Mortgage

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That is why preparing for and understanding the process can decrease some of the stress of applying for a mortgage. Try to clear your mind, stay focused, and be in the right mindset to reach your goals.

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APPLYING FOR A MORTGAGE IS VERY COMMON

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The most obvious is that you cannot afford to buy the house in cash and need to make installment payments on it over the next 15 to 30 years.

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APPLYING FOR A MORTGAGE: CHOOSING A FIXED OR ADJUSTABLE RATE

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– Introductory rate – Period of the introductory rate – The maximum rate increase per adjustment – Maximum total rate increase – Amortization period

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WHEN APPLYING FOR A MORTGAGE, WHICH IS BETTER?

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Applying for a Mortgage

That is why preparing for and understanding the process can decrease some of the stress of applying for a mortgage. Try to clear your mind, stay focused, and be in the right mindset to reach your goals.

APPLYING FOR A MORTGAGE IS VERY COMMON

There are many reasons why as a borrower, you would want to apply for a mortgage.

The most obvious is that you cannot afford to buy the house in cash and need to make installment payments on it over the next 15 to 30 years.

APPLYING FOR A MORTGAGE: CHOOSING A FIXED OR ADJUSTABLE RATE

With an adjustable-rate mortgage, your rate starts lower than a fixed rate. It then adjusts based on a predetermined index.

– Introductory rate – Period of the introductory rate – The maximum rate increase per adjustment – Maximum total rate increase – Amortization period

WHEN APPLYING FOR A MORTGAGE, WHICH IS BETTER?

Like most things in life, it depends. No, adjustable-rate mortgages are not the worst product ever introduced and created only for suckers.

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