It pays to know what type of a mortgage you have. What comes to mind first is the kind of home loan program you opted for. Whether it's a fixed rate product or an ARM of some sort, look up the details. If you happen to have an ARM, it's good to be aware of when it resets, like does it do it annually, every three years or when. Learn the index that's being used, and the margin.
Now that foreclosures are rising across the land, it's equally important to know what kind of a financial instrument secures the loan to the property. Is it a conventional mortgage or a deed of trust? They fulfill the same role in real estate purchases, but are quite different from the legal point of view.
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Provided by:
Esko Kiuru
Mortgage and real estate market commentator
www.BluefoxToday.com - syndicated mortgage and real estate blog
eskokiuru@gmail.com
My cell: 702-499-1006
Esko,
Good advise, you should always know what is going on with your mortgage.
Esko,
Awesome advise, you always write very good information for people and realtors, keep the good work !
:)
Ray Saenz
Christopher,
Surprisingly many people don't even know the basics of their mortgage.
Eric,
Prepayment penalty can hurt an unaware seller's net proceeds in a big way.
Ray,
Good to hear from you. Someone on the brink of foreclosure should know this and take it into consideration.
Esko,
I try to be on your blogs, but very difficult with everything !!!! Keep the good blog !!!!!!
Ray Saenz
Ray,
It's hard to be everywhere all at once, but thanks for visiting.
Esko, I did a second part about the meme stuff :) I would like that you check it and you join to our meme teams :)
Ray Saenz
Ray,
some very good advise. knowledge is definately power. hopefully homeowners and realtors alike read this type of material.
Nathan,
Every homeowner should understand at least the basics of a mortgage.