By Richard Giannamore
The personal loan industry is in a country of concern, and the hot takeovers of Freddie Mac and Fannie Mae have made it much more daunting. Now, greater than ever, debtors have to take accountability for his or her financing offerings. As a professional within the loan undefined, Richard Giannamore has helped hundreds of thousands of individuals stay away from the traps that may rate them a fortune. Now, in Navigating the personal loan Minefield he indicates an individual contemplating the acquisition or refinancing of a house how you can take keep an eye on of the personal loan method, no longer fall sufferer to it. The e-book presents debtors with important instruments like: • self-assessments that might aid them decide on the simplest personal loan good points and companies for his or her wishes • transparent reasons of “fine print” tasks within the personal loan be aware and the implications of now not assembly them • a listing of debtors’ rights • indications to observe and stay away from mortgage originators who position their very own pursuits first • treatments for owners who locate themselves in hassle whole with an in depth worksheet permitting readers to figure out how a lot apartment they could rather have the funds for, instead of how a lot they could qualify for, this ebook may help homebuyers and householders make shrewdpermanent offerings and stay away from catastrophe.
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The loan industry is in a country of trouble, and the new takeovers of Freddie Mac and Fannie Mae have made it much more daunting. Now, greater than ever, debtors have to take accountability for his or her financing offerings. As knowledgeable within the personal loan undefined, Richard Giannamore has helped millions of individuals keep away from the traps which could price them a fortune.
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Extra info for Navigating the Mortgage Minefield: Your Complete Guide to Avoiding Costly Problems and Finding the Right Loan in Today's Market
BE REALISTIC ABOUT BEING ABLE TO AFFORD A HOME 41 100 Percent Financing. You can buy a home with little or no down payment. Some lenders will ﬁnance 100 percent of the purchase price of your new home (some even more, to cover closing costs). Sometimes lenders that are willing to ﬁnance 100 percent of your home’s value will offer you two mortgages instead of one. The ﬁrst mortgage for 80 percent of the value avoids the PMI requirement. A second mortgage for 20 percent is likely to be at a higher rate of interest, but the interest is tax-deductible, whereas the cost of PMI is not.
Don’t assume that light ﬁxtures, window treatments (such as shades or blinds), or statuaries are included, either. These items are negotiable, and if they are not included be prepared to have to buy them. If you are not certain, ask. If the cost of such items is not included in the purchase price of your home, you can include the estimated cost in the amount you ﬁnance. Remember, however, that for every dollar you add to the amount you are borrowing, you are increasing the monthly payment and increasing the total amount of interest you are paying.
So continue to read this book and get ready to take charge. This page intentionally left blank 2 C H A P T E R BE REALISTIC ABOUT BEING ABLE TO AFFORD A HOME D eciding to buy a home is not only a ﬁnancial decision, but a very personal one. For most people it is primarily a lifestyle decision that has ﬁnancial ramiﬁcations, rather than a ﬁnancial decision with lifestyle consequences. While it is critical to take the ﬁnances into account, the decision to buy a home is more complex than the cost per square foot of living space or the return on ﬁnancial investment.
Navigating the Mortgage Minefield: Your Complete Guide to Avoiding Costly Problems and Finding the Right Loan in Today's Market by Richard Giannamore