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Snooker Championship GOLD 2005
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jack-rice
Wysłany: Sob 21:25, 20 Maj 2006
Temat postu: about mortages..
A
mortgage
is basically a
loan
specific to the real estate
market
. Typically, it covers 70-90% of the purchase price of a house or other property, with the penalty for non-payment being
foreclosure
, or reversion of the property to the lender. They are available from most banks,
credit
unions, portfolio lenders and some government
agencies
.
Mortgage
loans
usually employ a 30-year repayment (or amortization) schedule. Payments are a changing combination of interest and principal, so that in the early years a payment mostly consists of interest on the outstanding principal
balance
, but in later years the mix becomes much more heavily weighted toward paying the principal itself. There also is private
mortgage
insurance to consider, which is required if less than 20% is put down on the
house
. It has gotten easier to actually get rid of this extra
payment
as soon as possible.
Learning the administrative and legal
aspects
of the loan process is essential for anyone considering a loan. A borrower should know what contracts and documents he or she will
encounter
, and how to negotiate through the paperwork. Also, it is important to be aware of what fees may be assessed and how to minimize or eliminate them wherever possible.
more about
loans
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