Home mortgages are loans that are taken to buy a property, for which the property itself is used as collateral. Owning a home is a very big, and usually a one-time investment for many. With increasing real estate prices and decreasing interest rates on loans, many people are using the home mortgage loans to buy property. Home mortgage rates are the rates of interest that are to be paid along with the capital for taking the mortgage loan. Home mortgage rates do not remain steady over a long period of time. A lower rate means lower monthly payments, leading to lower costs on the property. Depending on the kind of interest rate, there are two kinds of home mortgage loans: Fixed Rate Mortgages (FRMs) and Adjustable Rate Mortgages (ARMs). FRMs are mortgages for which the rate of interest remains the same for the entire period of the loan. These can be for a period of 10, 15, 20 or even 30 years. Adjustable rate mortgages, on the other hand, have fluctuating rates of interest. This is ideal when there is likelihood of the rates to decrease. ARMs are preferred by people who plan for shorter periods. ARMs are offered at lower rates than FRMs to attract customers, but they also contain a certain level of risk. The fixed rate mortgages are a very predictable, safe option. Mortgage rates fluctuate on the basis of an economic index. The mortgage bond market works according to a process called securitization. This securitization enables creation of more loans and greater mobility of funds by keeping the mortgage rates low and allowing more credit for ideal customers. The best source for knowing about home mortgage loan rates is the Internet. Most home mortgage loan companies provide information through their websites also. These rates are updated daily. Their sites also have easy-to-use home mortgage calculators that give all information, including payments to be made each month and the tax advantages, with the single click of a button. Most of them also have financial advisors who would provide advice online, or over the phone. A professional mortgage lender would be able to provide accurate information about the mortgage loan rates as and when they are applicable.
You just settled into your new home bought from refinance home mortgage. On the first night, you heard things up in the attic. You shrug it off, thinking it's only your imagination. The bumps in the night grew louder and things start flying off the wall. You're living in a haunted house! What to do?
Friendly and unfriendly ghosts
Unlike some home buyers, you see the house first before buying it to check if indeed the house is in good shape. But there are things agents will not tell you because you might back off the deal. Of course, it will depend on your taste ? if you don't care a bit or if you are squeamish about ghostly sightings.
A haunted house does have to be Victorian mansion. It can be a townhouse in a posh village or a condo in upscale Manhattan. But the difference lies in what kind of ghosts are around. If the ghosts have been there before the American Civil War, they're ?house-broken?, but if you got a house where murders or mass suicides were committed, then that is a different story.
With your refinance home mortgage already signed, sealed and delivered, you can do little if you are denied a cancellation of the purchase. So you either learn to live with the ghosts and turn into a profitable bed and breakfast for rabid ghost hunters, or wait out the first year of the mortgage before you can sell. That is, if there are buyers.
Why they don't tell
Homeowners selling houses with a complete package of ghost sightings and flying objects are not telling. Haunted houses don't sell or are sold at low prices so sellers keep mum hoping to get a fair deal and get rid of their property in no time.
If you found a beautiful old house selling for a pittance, be suspicious ? there could be ghosts around. Spooks aside, there are other things to watch out for before you plunk in your earnest money into a refinance home mortgage.
Check if the house is on an earthquake belt or on contaminated soil. You'll be smart too to check the foundation of the house and smoke out the presence of asbestos and radon. Do not always rely on the agent's pronouncements, even if she or he is your brother. Get an independent appraiser rather than be a scrooge. This investment will save you the sleepless nights ruing your mistake.
But if you know what it takes for a home appraisal, then get the home appraisal guide, and go over the house inch by inch from top to bottom.
Before you sign the deeds and agreements
In your enthusiasm, do not forget to ask how you can cancel should things go wrong. Ask a lawyer to review the contract or the agreement and get his advice on cancellation matters.
You have all the right to be careful. Isn't it your money that'll pay for the refinance home mortgage? So ask about cancellation upfront. Talk to the agent's broker if he refuses to a cancellation. If he also refuses, ask for another agent. If things are still sticky, then get a real estate lawyer to get you out of the pickle.
If you're happy living with ghosts
If you're clairvoyant, you might as well enjoy your house. A bed and breakfast and a crystal ball will auger well for your chances with a haunted house bought with your refinance home mortgage.
Both Mk & Rony Walker are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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