Getting a Home Loan Glens Falls NY

After you have enough money to make a deposit for your chosen home, the next step is to find out how much ownership will really costs you. There are a lot of additional fees associated with home buying.

Local Companies

TD Bank
518-654-2311
97 Main Street
Corinth, NY
Bank of America - Saratoga Springs
800.432.1000
27 Division St
Saratoga Springs, NY
Fragomeni Insurance
(518)584-4200
3257 Route 9
Saratoga Springs, NY
GMAC Mortgage
(518)584-7637
358 Broadway
SARATOGA SPRINGS, NY
Adirondack Trust
(518)926-7244
24 Maple Street
GLENS FALLS, NY
TD Bank
518-642-1204
100 Quaker Street
Granville, NY
TD Bank
518-854-7670
204 Main Street
Salem, NY
Saratoga National Bank And Trust Co
(518)583-6504
91 West Avenue
Saratoga Springs, NY
Carteret Mortgage Co
518-668-9894
Lake George, NY
Glens Falls National Bank and Trust Company
(518)793-4121
250 Glen Street
GLENS FALLS, NY

Provided By:

Author: Benard Worseley

After you have enough money to make a deposit for your chosen home, the next step is to find out how much ownership will really costs you. There are a lot of additional fees associated with home buying. For example, legal costs, stamp duty, disbursement, survey report, mortgage insurance, pest control, and builder’s report expenses can all add up to a significant amount. You should also consider application fee, registration fee, and the valuation fee.

Buying a home is definitely stressful; it is one of the biggest financial investments you will make during your lifetime. Taking proper care and precaution is necessary in this instance. To help you make the most of your home loan, we have compiled the following tips:

Make Additional Repayments

There is a minimum monthly repayment on your home loan. One of the best methods to reduce the internet on the loan is to pay more than what is required. Another benefit is that it will shorten the term of your loan so you can be immune to market fluctuations in the future. In general, a $1 in extra payment you make right now can save you $2 over the interest of the loan depending on your term.

You can consider making lump-sum payment or increasing your monthly repayment amount. Before you do this, ensure that your loan allows you to give additional payments without incurring penalty. There are some loans, specifically the fixed-rate home loan that restricts additional payment or charge you for this modification.

Be Careful About Introductory Offers

One technique to entice borrowers is to offer introductory discounts or benefits. Credit card companies do this by waiving the annual fee for the next year. A similar concept is implanted by home lenders. Usually, they give attractive very low “honeymoon” rates for the buyer. Then, these rates can increase by 2 percentage points in six months or a year. Don’t let the introductory rate influence your choice of a lender because it is more important to have flexibility for the future.

Be Wary about Fixed Home Loans

Although the fixed rate interest option is attractive in a market where interest rates are rising, you should also consider the future. Fixed rate home loans will lock you in for a certain timeframe. You cannot make extra repayments or pay off the loan early without penalty. Variable rate loans offer more flexibility. It is important for you to decide which home loan will suit your needs best.

Getting Home Loan with Bad Credit

Traditional lenders such as banks and credit unions are wary about lending to individuals who have poor credit history, are self-employed, or had just arrived in the country. If this is the case for you, consider “non-conforming” lenders. Typically, these lenders charges higher interest rates but it can become lower after several years of regular repayment.

Probably the best time in choosing a lender is to exercise caution. Looking at the reputation of the establishment and the actual terms of the loan are critical in ensuring that you get the right lender.


About the Author:

I am 23 year old student on my last year of study at the University of Sydney (Sydney), majoring in Information technology.

Article Source: http://www.articlesbase.com/loans-articles/tips-for-getting-home-loan-844625.html

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