Important Things To Consider Before Choosing a Mortgage

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Home Affordable Refinance Program (HARP) Benefits
Things To Consider Before Choosing A Mortgage
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A mortgage loan helps fulfill your aspiration of
buying the house of your dreams. In todays era,
there are various types of home loan programs
available, which leaves you with plethora of
options to think about. We give you a list of
important parameters that you should gauge before
making the decision.

• Study the Types of Loans
• Monthly Payment
• Tenure of the Loan
• Lock-in-period
• Additional closing costs

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A little homework wont hurt, even if you have an
expert at your disposal. Talk to other buyers who
have availed loans and study their choices.
Calculate your finances and assess your ability
to borrow the amount. This will be helpful in
choosing a Mortgage loan program that will
justify your needs.
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Study the Types of Loans
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Choosing the EMI that is comfortable for you is
of utmost importance. You need to assess your
future liabilities along with the existing ones
to zero in on an amount that you will be all
right with paying.
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Monthly Payment
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The Term of the loan impacts your monthly
payments. If youre not at ease of paying a high
EMI, opt for a higher tenure, however, if you
have higher liquidity at your disposal, go for a
lower tenure. Although, do remember that a high
tenure will entail lesser equity in your house.
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Monthly Payment
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Mortgage rates are of two types floating and
fixed. In case youre okay to bear the risk of a
fluctuating market, opt for a floating rate.
However, if you think that risk is not your cup
of tea, you can insure yourself by opting for a
fixed rate.
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Lock-in-period
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Additional legal costs such as processing fees
are involved in every type of loan. Hence,
remember to read the provisions and terms
carefully before signing up for any type of loan.
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Additional closing costs
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Picking up the right type of mortgage loan that
will justify your needs is no cakewalk, which
entails hiring services of a professional
essential. Getting a competitive deal is crucial
for your interest.
We at Drew Mortgage, one of the best Boston
mortgage lenders can help you with your loan
shopping and ensure a hassle-free experience.
APPLY NOW
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Drew Mortgage Associates, Inc. 196 Boston
Turnpike Road Shrewsbury, MA 01545 Phone
508-753-1656 Toll Free 877-949-3739 NMLS ID
2856
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