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Finances - Mortgages - Factors to Consider
Be an Informed Buyer: Protect Yourself
Today's buyer can choose from hundreds of mortgage programs. As in any intensely competitive environment, some mortgages are better than others and some are truly bad, offering bargain basement interest rates and then tacking on hidden costs and unusual terms. Everyone's situation is different, and what works for Sally might not benefit Joe � so venture into the mortgage market with a very critical eye toward rates, terms and conditions. When you review a mortgage program, weigh the following factors:
- Interest rate
- Required down payment (expressed as a percentage of the purchase price)
- Prepayment penalty
- Assumability ( by whom and at what interest rate)
- Origination fees, discount points and other costs
- Term of loan
- Processing time from approval to closing
- Monthly income required to qualify for loan
- Caps on adjustments for adjustable rate loans
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