Where is the Best Place to Put My Money?

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help you choose the best mortgage that fits your budget and needs

An excellent real estate agent can help you learn the art of home buying, whether you want to buy a home by yourself or with a spouse or significant other.

Let's say you're ready to buy a home. If you're a first-time homebuyer, your real estate agent should be able to help you learn the art of home buying. He or she should also be able to give you some insight into the home buying process, including negotiating and the different types of mortgages.

There are different types of mortgages, the most common of which are: Fixed Rate Mortgage, Adjustable Rate Mortgage, Interest Only Mortgage, and Interest With Prepayment Mortgage. 

This may all sound not very easy, but it's just a series of steps to help you understand how the mortgage works and decide which mortgage is best for you.

Let's say you're thinking of buying a home. You're trying to save money, but you don't know how to buy a home without a mortgage.

If you're a first-time homebuyer, your agent should be able to help you choose the best mortgage that fits your budget and needs.

If you've owned a home before, you know what type of mortgage you can qualify for. The difference is the interest rate. With the interest rate, your monthly payment will be determined by the length of time you own your home and how much you pay each month. For example, if you own your home for five years, your monthly payment will go up by $50. With an adjustable-rate mortgage, you can choose how your monthly payment changes over the life of the loan.

The most common adjustable-rate mortgages are: 30 Year Fixed, 60 Year Fixed, 75 Year Fixed, and 65 Year Adjustable.

If you own your home for 30 years, then the mortgage will be paid off in only 35 years. At the end of 35 years, the interest rate on loan will be fixed at what your loan amount was.
 If you own your home for 60 years, then the loan will be paid off in 60 years. At the end of 60 years, the interest rate on loan will be the loan amount multiplied by a rate of 8%. This is called an intermediate rate of life, or IRS - 80.

But what if you can't afford an adjustable-rate mortgage? What if you decide to buy a home and your loan is in bad condition? What if you find that your monthly payment is too high? What if you lose your job or change jobs? What if your career path changes? The only way to know is to talk to your lender and find out. If the lender isn't willing to let you borrow too much, then it may not be a good option for you. Or, if you find a lender willing to loan you more than you can afford, then you can find out what your loan amount is at, say, 30 years, and add the difference to your mortgage payment. There are ways to make sure that your life savings are safe:

  1. Get it in writing. If you don't have it in writing, prove that you own the property you want to borrow. No one will loan you more than you can afford.
  2. Find out what your mortgage amount is at the start of your loan. What loan amount is considered intermediate? If you borrow too much, it may not be a good idea to take out the loan.
  3. Talk to your lender about the current market conditions and what will happen over the next 30 years. Ask if the interest rate can be increased. Ask to be able to adjust the payments if the interest rate drops.
  4. Have your lender take into consideration your age, your projected career path, your income, your debts, and your lifestyle. If you can afford more, then, by all means, take out the loan. You will be able to pay off the loan and increase your home equity.

The best way to make sure that your life savings are safe is to make sure that your lender is a reputable company licensed and approved by the state. Ask a lot of questions and be very clear about what you are asking your lender to do. A trustful lender will take care of your loan.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

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