|
Choosing a financing method is an important part of the home buying
process.
Financing methods relate to the type of mortgage and its terms and
conditions. Your choice of financing will determine how you repay the
loan over time. This is called amortization.
What type of Financing is Right for You?
Understanding these methods will help you work with a lender to
find a mortgage loan with financing that is right for you. Some
common financing methods available are listed below. Click the links
to learn more about each type:
Interest Rates Today:
Mortgage interest rates change on a daily basis.
It is very important that you are familiar with interest rate changes
so that you are not overcharged for a loan.
Some lenders like to increase interest rates in an excessive way
based on past credit history. By checking interest rates at least
once a day, you become an educated buyer and can avoid being a victim
of Predatory Lending.
There may not be a valid reason to charge high interest rates. Before
signing anything or locking into a rate, check the daily rate or stop by a housing counseling,
service agency in your area.
Internet Field Trip
Take a short online field trip to check the daily rate.
Directions
- Click the Mortgage
Rates link. This will take you to the
BankRate.com Web site.
- Select Mortgage from the list and click Go.
- Review the list of rates.
- Click the Close box to return to the course.
|
|
Next you'll have a chance to practice and learn how different
interest rates affect your monthly payments.
|
