Buying a new home is no easy feat, but it is one of the best methods to create personal wealth. Inexperienced buyers can quickly end up making the wrong financial decisions and end up losing money in the future. If you’re looking for mortgage educators in Orange County, call Justin Purpero.

How much your mortgage payments will be?

A mortgage refers to the monthly payment you make in paying back your home loan. It includes the monthly amount for repayment (divide the total loan amount by the time to repay it) on top of the interest rate. There are several types of mortgages lenders will offer, with various types of interest rates and mortgage terms (length of time for repayment).

The thing about mortgages is that there’s no one size fits all approach to choosing them. Different types of mortgages have their own advantages and disadvantages, and the most suitable one for you will depend on your financial circumstances and future objectives. With certain options, you can achieve ownership more quickly, but this means sacrificing more in terms of monthly repayments.

There are plenty of online mortgage calculators where you can find out the approximate monthly amount you’ll be paying. You could also inquire from your bank or lender. You need to enter information such as the mortgage terms and the interest rate, and whether the interest rate is fixed or adjustable.

Why would I hire a coach to learn about home financing?

You only need to read up on the 2008 recession and its relations to the housing market to find out what happens when home buyers make terrible financial decisions. A lot of people make costly mistakes because they didn’t do the necessary homework or how to do it. You will be paying off home loans for over a decade, so if you selected the wrong type of loan or lender, you would make huge losses.

Not only is there confusion around mortgages among inexperienced house buyers, but a small mistake can have massive consequences. A mortgage educator can show you the correct path, taking into account your individual situation when making important real estate decisions. So, if you need mortgage educators in Orange County, contact us, and we’ll be more than happy to assist.

What are the different types of mortgages?

There are so many mortgage types out there, but we’ll cover the most common. You can classify mortgages based on whether the interest rate on your loan is fixed or variable, which are fixed-rate mortgages (FRM) and variable rate mortgages (VRM). Under the FRMs, you have several types depending on the repayment duration, such as 30-year, 20-year, and 15-year mortgages.

Typically, the longer your repayment time is, the higher your interest will be because the lender’s risk is higher. FRMs are more common in the US, while ARMs are more prevalent in the UK and Australia.

Are you new to the property ladder and searching for mortgage educators in Orange County? Justin Purpero is here to help sort out all your confusions regarding mortgages.

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© 2019 by Justin Purpero | Articles