MORTGAGE Necessities
Since, in most instances, the value of one’s house, represents the single – biggest, financial asset, doesn’t it make sense, to proceed, in the widest possible manner, and be prepared, with relevant knowledge, etc? Most people depend upon, securing a MORTGAGE, in order to purchase, their part, of the so-called, American Dream, and, therefore, the more one knows, and understands, about the process, and necessities, After, more than a decade, as a Real Estate Licensed Salesperson, in the State of New York, I have observed, far too many, otherwise – qualified, potential buyers, ill-prepared, 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.
1. Means; motives; motivating; monies: Do you have the financial means, to put together, the down payment, and other monies, needed, at the closing? Closely examine, and understand your personal motives, and what you seek, and can afford! What is motivating you, to proceed forward, to address some of your personal dreams and aspirations?
2. Options; offerings: Mortgages are not, one – size – fits – all. They come with, different lengths of maturity, and down-payment requirements. They, also, have different formats, from fixed-rate, types, to a variety of different, variable rate, ones! The better one knows, and understands, the available offerings, and determines, which are best for their personal circumstances, etc, the more effectively, he will determine which options, he seeks!
3. Reasons/ reasoning; realities; rates; relevant: What are the reasons, you want to buy a house, and how, does your reasoning, make you better prepared, to make the most, personally relevant decisions? Be objective, and introspective, so you realize your true, personal realities! Compare rates, and terms/ conditions, and read, the small – print!
4. Time-tested; timely: Do some research, and understand, the tried – and – true, time-tested, realities of mortgages! In changing markets, rates often fluctuate, and so, making your decision, in a timely manner, may make a significant difference, in the rate you receive, and, thus, your monthly costs!
5. Growth/ growing: Our personal growth, means, we sometimes experience, growing pains, and, thus, one must recognize, that the relationship, between preparing for the financial aspects, and enjoying the experience, are related!
6. Attention; attitude: Proceed with a well-considered, positive, can-do, attitude, so you look, at the best way, to overcome obstacles, in a solution-oriented manner, rather than dwelling on the negative aspects! The more attention, we pay, and realize possibilities, ramifications, and contingencies, the better, the process, normally, proceeds!
7. Greater: Why do you believe, that owning a home, of your own, will make your life experiences, seem greater?
8. Earnings; emphasis: Your bank or other lending institution, review, many things, including your credit history, etc. One 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 MORTGAGE necessities, the less stressful, the process, usually is! Will you be prepared?
