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Mortgage Finance

Mortgage finance can come in a variety of forms, structure and terms, with conditions depending on your financial circumstances and previous credit record.

Mortgage product design over the last 5 years has become increasingly flexible catering for a range of personal circumstances in what is an increasingly competitive market.

With greater choices the need for good independent advice becomes increasingly important. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

The first step in acquiring a home mortgage is to gather the information you’ll need to include in a mortgage application. Review your credit report by ordering a copy from the credit bureaus used by local mortgage lenders. Prequalifying for a mortgage lets you know how much you can afford and makes you a more attractive buyer. Conventional mortgages limit housing costs to 28% of gross income and total debt payments to 36& of gross income. Mortgage terms are usually 15 or 30 years. The longer the term, the lower your monthly payment, but the higher your overall interest costs. Thirty-year loans often permit additional principal payments. One additional monthly payment will reduce a 30-year loan to 22 years. Interest rates are fixed or variable over the term of the loan. Variable rates may be best for buyers who plan to sell within three years. Generally speaking, one point is worth 1/8 of the 1% off the loan rate. A balloon payment is a lump sum payable at the end of the specified term. Points and interest on mortgages or home equity debt are usually tax deductible.

Buying a home is the biggest financial investment most of us will ever make. As with any large project or goal, it requires dealing with a variety of complex issues. The best process is to divide the process into manageable tasks. Good luck!