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Virginia Mendez's Blog

By Virginia Mendez | Both Buyer and Seller in Lake Oswego, OR

Important Mortgage Loan Tips You Need To Know

When buying a home, the idea about mortgage and everything related with it should not be taken for granted. Take for example if you are buying one from the presently listed Lake Oswego homes for sale within Lake Oswego real estate listings; it is important that you make sure that you do not fall in the wrong mortgage deal so as not to suffer the negative consequences later on.

Before proceeding with mortgage application, you need to take into consideration some very essential reminders that others who have gone through this path will surely agree with.

•    Deal with a reliable, honest and fair lender. It is important that you deal with a lender who will not take advantage of you. This is when careful research will be of great use and help.

•    Stay away from interest only loans. It may sound attractive and favorable in the naïve understanding of some first-time home buyers; however, if you look at it intelligently, you will realize that you are not even paying for the possible ownership of the house. The truth is…you are merely paying for the interest of the money you borrowed.

•    Choose a shorter-term loan payment. This would be ideal for those who have the ability to pay bigger than the required monthly mortgage payment.

•    Never be enticed to accept offers that allow you to borrow more than the amount of money that you actually need. You might end up being trapped in a scrupulous scheme.

And the most important reminder that you should always keep in mind is to keep up with timely monthly installments. In doing so, you will free yourself from the chances of incurring additional interest and late payment charges. Best of all, it will prevent worst implications like foreclosure.
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