Since, in most cases, the value of one’s home represents their single largest financial asset, doesn’t it make sense to proceed as intelligently as possible and be prepared with relevant knowledge, etc.? Most people depend on, secure a MORTGAGES, in order to buy, your part, of the so-called American Dream, and therefore, the more you know and understand about the process and the needs, after, more than a decade, as a Licensed Real Estate Salesman, in the state of New York, I have seen too many otherwise qualified, ill-prepared potential buyers when it comes to this area. With that in mind, this article will briefly consider, examine, review and discuss, using the mnemonic approach, what this means and represents.
one. it means; reasons; motivator; monks: Do you have the financial means to raise the down payment and other necessary funds at closing? Take a close look and understand your personal motives and what you are looking for and can afford! What motivates you to move forward, to tackle some of your personal dreams and aspirations?
two. Options; Offerings: Mortgages are not one size fits all. They come with different maturity terms and down payment requirements. They also have different formats, from fixed rates, types, to a variety of different variable rates! The better you know and understand the offers available and determine which ones are best for your personal circumstances, etc., the more effectively you will determine which options to look for!
3. reasons/reasoning; realities; spleens; important: What are your reasons for wanting to buy a home, and how does your reasoning best prepare you to make as many personally relevant decisions as possible? Be objective and introspective, so that you realize your true personal realities! Compare rates and terms/conditions, and read the fine print.
Four. time tested; prompt: Do some research and understand the tried and true realities of mortgages! In changing markets, rates often fluctuate, so making your decision early can make a significant difference in the rate you receive, and therefore your monthly costs.
5. Growth / growth: Our personal growth means that we sometimes experience growing pains and therefore one must recognize that relationship, preparation for financials and enjoyment of the experience are related!
6. Attention; attitude: Proceed with a well-considered, positive, can-do attitude so that you look for the best way to overcome obstacles in a solution-oriented way, rather than dwelling on the negatives. The more attention we pay and realize the possibilities, ramifications, and contingencies, the better, the process usually proceeds!
7. Greater than: Why do you think having a home of your own will make your life experiences seem better?
8. Profits; emphasis: Your bank or other credit institution, review, many things, including your credit history, etc. An essential consideration is the level and security of your earnings and earnings history! Know your emphasis and be prepared!
The better we understand some of the MORTGAGES needs, less stressful, the process, it usually is! Will you be prepared?