A few thoughts about mortgages

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A few thoughts about mortgages
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What is a mortgage?
Mortgage is a loan given out to persons by a
bank or other lending organizations for the
purchase of a home. A mortgage is a security
backed loan, meaning that when a person goes into
a bank or to a lender to get a mortgage, the
bank/lender will actually own the physical home,
and they will use that home as collateral for
their loan.
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Components of a mortgage?
A mortgage payment consist of four components.
They are

• Principal The original amount of money owed.
• Interest The charge of the use of money
  (loan).
• Taxes Based on the countrys tax policy the
  lender pays the tax.
• Insurance Homeowners insurance, you pay
  annual premium each month.

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Each lender has his own individual scheme when it
comes to the mortgage payment, but the breakdown
is relatively standard.
Factors including how much of a down payment you
pay and the scheme you select, determines how
much your monthly mortgage payment will be.
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The size of your down payment.
How much of a down payment you make on your
home may have an effect on how many loan schemes
available for you. Also, according to the down
payment amount, you may be required to have
private mortgage insurance.
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How to choose a lender?

• Research your loan options.
• Consider different kinds of lenders.
• Understand all fees.
• Request an agent referral.
• Save time with a broker.
• Verify a Licensed Lender.

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Trouble making mortgage payments?
What to do

1. Stay in your home Dont move out of your
   home. Gather your important financial and
   mortgage documents.

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Trouble making mortgage payments?
What to do
2. Contact your lender Explain your
current situation to your lender and make
necessary arrangements with them. If you dont
know the lenders details, it will be on your
monthly mortgage statement.
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Trouble making mortgage payments?
What to do
3. Contact counselors Counselors will
explain assistance programs available to you and
help you rise up from this bad situation.
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Darrell Rigley is the President of TriMark
Financial Solutions, an enterprise which gives
assistance to people having a mortgage payment
issues. Darrell Rigley has over 20 years of
experience as a successful entrepreneur with a
track record of building large nationwide sales
teams. He is one of the most popular Mortgage
solution specialist. Darrell Rigley is best in
providing assistance required to prevent the
lenders from foreclosure.
http//www.darrellrigley.com