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Financing Your Home >Mortgage Terms
New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.
Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.
Cheryl Clossick Real Estate One 601 E. Michigan Ave Saline, MI 48176 Phone: 734-429-4543 Fax: 734-429-7394 Email: cherylclossick@NUMBER1EXPERT.com
Exceeding my client’s expectations is my goal. Over 17 years of experience,
commitment, ability to listen, knowledge, integrity, and a lot of happy
families are my tools for accomplishing this goal. I measure my success by
the large number of referrals and successful sales I have each year.
These factors contribute to my being one of Washtenaw's top agents. However my
satisfaction and love for Real Estate comes from working with
people and seeing their joy at the closing table. Together we can be successful as we
work to transform your hopes and dreams into reality.
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Saline, Ypsilanti and Ann Arbor, Michigan, luxury homes, new construction