Depending on your long and short – term goals in regards to purchasing or refinancing property, there are other things to consider besides simply getting the lowest interest rate when financing homes.
In my opinion, there are a few key factors in analyzing a mortgage that are worth paying extra attention to: Is the mortgage portable? Is it assumable? What are the prepayment and skip payment options? How often is the interest on the mortgage compounded? Being aware of this information can save you money and unpleasant surprises in the future.
This term relates to whether your mortgage can be secured (moved) to a replacement property. In some cases, without realizing, people will sell their homes, pay a heavy penalty to get […]