Top Ten Terms for Loans
Terms for Loans Everyone knows that you should never sign on the dotted line without reading the contract. This same term applies to loans. Signing a loan without knowing the terms and what everything means can be detrimental to your finances, credit and future investments. Before you sign on the dotted line, make sure that you know these terms and how they will apply to you. 1. Interest rate. The interest rate is the percentage of your loan that is added on every month. The percentage will vary according to the economy and will make a difference in your payments. 2. Fixed Rate. A fixed rate will be an interest rate that stays at the same percentage throughout the entire period of your loan. 3. Variable Rate. A variable rate will change according to the economy and the charts that are stating what the rates should be for interest. A variable rate usually changes every year and adjusts according to a specific given range of percentages. 4. Principal. The principal is what you will be paying on your actual house. Whatever you pay on your principal is what you will see in the end as your investment. 5. Escrow. This is similar to a savings account of your loan. Whatever you put in escrow will accumulate without paying directly into the loan. At the end of the term you can use it to finish paying off the loan or to invest in another loan. 6. Title. A title will be what you get to your home after it is officially yours, stating that the property belongs to you. 7. Deed. A deed will most often be used as a title for a commercial area. Instead of giving ownership it shows that the property is leased to the one who is using it as a business. 8. Home Equity. This is a loan or line of credit that you can get for your home. It will finance up to eight percent of your other loan and get paid back later. This helps if you want to consolidate loans or invest more into the property. 9. Appraisal. After an inspection of the home is made, an appraisal will be made. This will be an estimated value of what the home is worth. 10. Equity. This will be the actual amount of the property that you own. Most likely, it is what is being paid off of your principal amount. Once you know some of these basic terms, you will be able to expand on your knowledge and find the exact loan that will fit your needs. These basic definitions will help you in making the right decision for the type of loan that you want. As always, don’t hesitate to contact me with any questions about your home buying needs!
Choosing your First Home
Choosing Your First Home If you are ready to move out of your apartment, there is no time better than now. Beginning to search for your first home is an important step to having the ability to build better finances and to live in a place that is comfortable. If you are considering a new home, there are specific things that you will want to know before jumping in with both feet. Before you even begin to look at homes, make sure that you conduct your own investigation. This will mean that you should find the going rates, how much other owners are paying every month, and what you can or can’t afford. You will also want to see what types of houses are going and what they are going for. If you know the basics of what is available, it will be easier for you to get exactly what you want. You should also consider things such as your credit rating and your pay check. You don’t want to walk into something that is over your head or start to look for something, only to find out that you won’t be able to move in. From here, it is all a matter of getting involved with the right people. One of the most important decisions that you can make is to find the right real estate agent. This will make a large difference in the type of deal that you get as well as what type of home and mortgage you end up with. Real estate agents have the ability to do investigations for you and find something that is best for you. You will also want to make sure that there are connections with home inspectors and the right lenders. Without the right people set in place, there will be problems with getting the best deal with your new home. After you begin to look with your real estate agent, make sure that you begin to understand the terms that are being given to you. Loan terms, terms about the market, and other real estate jargon. will often times be spoken about. If you don’t know what something is, look it up right away or ask. Getting into a first home is a large step from an apartment, making it important that you understand what you are getting into. The process of finding a new home can be challenging and fun. Making sure that you open the front door instead of having to crawl through the back can help you to get exactly what you want. By learning the ropes from the very beginning, you can be certain to get what you want, only to move up from there. As always, don’t hesitate to contact me with any questions about your home buying needs!
New: Weekly Popular Homes For Sale
Top 5 Weekly Popular Homes For Sale Here is the second installment of the most popular homes for sale on the market — updated weekly! I will providing a list of homes for sale based on website traffic and searches. If one of these homes piques your interest, you would like more information or have questions contact me! I am ready to help! Also here are last weeks Weekly Popular Homes For Sale. 1041 E 26th Avenue Anchorage, AK MLS# 20-5148 Completely Renovated home in Rogers Park area. 3431 S Phenix Avenue Wasilla, AK MLS# 20-15165 5 Bedroom Home with a studio apartment! 6830 Hunt Avenue Anchorage, AK MLS# 20-17121 Awesome tri-level home with 4 bedrooms and oversized two car garage. 4210 Endeavor Circle Anchorage, AK MLS# 20-13564 Beautiful custom built home in highly desirable Resolution Pointe! 6867 Grouse Loop Wasilla, AK MLS# 20-16762 Spacious house in Grouse Ridge in the Wasilla Fishhook area.
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