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Category: Annuity
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How to understand mortgage contracts

How to understand mortgage contracts - Understanding Escrow Fines, fees and other payments to the mortgage contract can be confusing, even if your broker or lender will guide you through the details of what you are taking. Common understanding that the bank or financial institution agreeing to lend you money to buy a house, and you promise to pay that money back in a series of payments made monthly. There is a lot of fine print, however, and the details of the contract can be confusing. Understand the mortgage contracts, reading each sentence and ask questions if you are not sure about something.

Get a copy of your full consent of the mortgage. A signed copy is provided to you at the closing, but you can ask to see documentation before closing on the house and sign the mortgage.

Determine whether the mortgage is fixed or adjustable. This refers to the interest rate. Do you have a fixed rate mortgage if interest remains unchanged throughout the life of the loan. If your speed controls, you have an adjustable rate mortgage (also called ARM).

Look at the loan amount. This will be the total amount of money that the bank provides loan for the house.
Check the contract on such terms as the “main”. This reflects the amount you borrowed.
Look at the amount of interest you will pay on the loan. This interest is added to the principal amount of your loan on the total amount that you will be responsible for paying for the loan term.

Find an explanation for the interest. You pay interest on the risk lenders take in allows to borrow money.

Overview repayment schedule. This will show how your regular payments will decrease over time as you repay the loan.

Look at the dates of payments and grace periods. Your contract should specify which day of each month your mortgage payment should be, and how much grace period before you have to pay late fees set in..

Find the length of the loan. Each mortgage agreement determines how long you have to repay the loan. Most mortgage loans for 15 or 30 years.

Understanding Escrow

Escrow is a link to in your contract. This means that your lender storage means for storage for things such as property taxes and homeowners.

Find out if you pay for mortgage insurance. Your contract should dictate whether this type of insurance is required on your loan. If so, it should be included in the Escrow.

Review the amount of the deposit you will pay with each mortgage payment. Contract must include the amount of your taxes and insurance.
Ask your lender for a breakdown of these costs, if not included in your contract. You must know exactly how much your monthly payment will go to principal and interest, property taxes, home insurance and, if applicable, mortgage insurance.

Understanding Fines, fees and other payments

Look for a prepayment penalty. This may result in additional costs when refinancing.
Search language that would penalize you for paying off your loan generally within the first 3 to 5 years. This is often done to discourage you from refinancing with another mortgage company.

Review your contract to explain other fees. Each state has different requirements for disclosure, but all states require that you pay your lender fees be disclosed and explained.

Understand whether the lump sum payment is not required. Some mortgages require a large lump-sum payment at the end of the loan term.
Prepare to refinance mortgages to term balloon payment, if there is one that is specified in your contract. Otherwise, you will owe your mortgage company a very large sum of money when the loan comes due.
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