|
Advertising info:
|
|
|
|
Real Estate in the New Orleans area
Discovering What You Can Comfortably Afford
Before you go house hunting you need to have a rough idea of what you can afford to buy. Getting pre-qualified online allows you to experiment in an anonymous environment with the various components that effect the amount you will be able to borrow. In addition to your interest rate and the term of your loan, your actual borrowing power depends on three things:
Income
As a general rule, you can afford a home that is two and one half times the amount of your annual salary.
Down payment and closing costs
The more you can afford to spend on a down payment and closing costs, the more favorable the terms of your mortgage will be. However, don’t be discouraged if money is an issue. Use special programs and Private Mortgage Insurance (PMI) to help minimize the amount of your down payment. Furthermore AppOnline.com offers no points, no closing cost programs to those who prefer to go that route.
Current debt and credit history
Typically, Lenders prefer that your monthly debt does no exceed 28 percent of your gross monthly income and that your total debt (including your mortgage payment) does not exceed 36 percent of your gross monthly income. Additionally, your past ability to pay credit accounts will be considered.
TIP: Remember, there are exceptions to every rule. If you are unsure about any of this, contact a personal loan consultant who can better explain how these components effect your ability to borrow
What to Expect at the Closing
The closing (sometimes called the settlement) meeting is the final step of the home buying mortgage process. Here the closing agent (an independent person usually selected by the buyer) manages the general accounting to make certain that all things are handled fairly. If everything goes as planned the meeting usually takes less than an hour. What exactly happens at each closing meeting varies state-by-state but you can generally expect the following:
Signing the settlement sheet: the closing agent reviews the settlement sheet, answers any questions and both the buyer (you) and the seller sign the form.
Signing the loan documents: you, as buyer, sign the loan documents, such as the mortgage note, Truth-in-Lending Statement, and similar documents.
Paying the closing costs and funding the loan: if everything is in order, you (and the seller if applicable) will provide cashiers checks to cover the closing costs and any balance of funds due. The check from the lender covering the mortgage amount is submitted to the closing agent. Your closing costs will include:
Charges for transferring and establishing ownership.
Transfer taxes due to the city, county and state.
Recordation fees and prepaid property taxes.
The costs of getting a mortgage.
That's all there is to it! You get the keys to your new home and tell the movers get started. The closing agent records the mortgage and deed to make the transaction official.
Selecting the right type of mortgage
It is important to find a loan with terms that are the most favorable to your personal financial situation. There are a vast array of loan programs to chose from. The following are some of our more popular program options:
Fixed-rate mortgages
A good choice for individuals who plan to stay in their homes for a long time. Interest rates are at a fixed rate for the life of the loan. The terms of fixed rate mortgages are often for 15, 20 or 30 years.
Adjustable-rate mortgages (ARMs)
The interest rate adjusts periodically with changing market conditions. Frequently ARMs initially offer lower rates than fixed-rate mortgages. However, your future mortgage payment may increase if market interest rates go up during an adjustment period.
HUD Federal Housing Authority (FHA) mortgages
Are government insured loans that allow individuals to purchase homes with a 3 to 5 percent down payment. FHA mortgages have maximum mortgage amounts that vary by geographic location.
Veterans Administration (VA) mortgages
Are government insured loans that allow qualified veterans to buy homes priced up to $203,000 with no down payment. To determine your eligibility check with your local VA office.
Editor: Liping
Date: 05/8/-01
 Teda tianjin China: A quiet house by a large beautiful park - John 10:56:52 05/13/04 (401)
Houston- home for rent - Hong 00:41:15 04/21/04 (384)
Many Chinese xinjianghetian Jade products on sale - bofan 21:40:28 03/02/04 (339)
Completely Free Residential Service For Foreign Friends. - frees 08:33:03 03/01/04 (333)
do u wanna rent a Apartment in beijing - xuxian 10:34:58 02/13/04 (317)
mr. - xuxian 10:31:00 02/13/04 (316)
business - zhang jian zhoong 00:50:10 11/20/03 (247)
A New 3bedroom Apartment Available in Chaoyang District, Beijing - seabank 02:48:08 10/28/03 (231)
Beijing Sunshine 100 apartment renting - Mr. zhou 20:01:19 09/04/03 (179)
Beijing MEGA HALL(MESSA)apartment renting - Ms Cao 19:55:41 09/04/03 (178)
TO RENT：MEGA HALL（MESSA） APARTMENT - CAO SHUHUI 03:58:16 09/02/03 (176)
Beijing Sunshine 100 apartment renting - li jie 20:45:30 08/29/03 (173)
A new 3bedroom apartment available in Chao Yang District of Beijing - zendra 09:22:56 08/29/03 (172)
A new 3bedroom apartment available in Chao Yang District of Beijing - Zendra 08:17:51 08/22/03 (167)
A New 3br Apartment Available in Chao Yang District of Beijing - Zendra 09:30:49 08/15/03 (159)
A New Apartment in Chao Yang District of Beijing - seabank 10:18:36 08/06/03 (149)
Apartment for rent in TianJin, China - Jack 03:14:29 07/30/03 (146)
Beijing-apartment renting - Sue 01:30:59 04/09/03 (99)
留学生,移民租房找房网 - Rent Room 23:36:25 08/12/02 (39)
留学生,移民租房找房网 - Rent Room 23:33:50 08/12/02 (38)
test - test 17:29:05 08/08/02 (33)
Chinatown Yellowpage - Add To
HOME
|
|
Terms You Are Always Confused With
China Travel [Introducing China]
[Chinese Cuisine Guide]
[Chinese Shopping Guide]
[Chinese Festival Guide]
[Ancient China]
[Beijing]
[Shanghai (2)]
[The Great Wall of China]
[Provices Map & Guide]
[Provices Guide 2 ] new
[Books On China]
[China Columns]
[Doing Business in China]
[Laws and Regulations]
[China Market]
[China Map]
Stalwart Web Design - (713)822-0925
China Travel China Tours China Vacations
China Visa, Chinese Visa
Moped Motor Scooter
More ...
your sponsorship ...
|
