This article deals with some rarely discussed mortgage details that can have a major financial impact if youre not careful. For starters, theres Prepayment Penalties. These penalties can cost you a bundle and theyre often overlooked during the origination of the loan as well as the signing. Many mortgage brokers know perfectly well the program theyre putting you in has a Prepayment Penalty and they avoid the topic as much as possible. So a lot of people have penalties and…
Understanding Prepayment Penalties on Home Loans
Mortgage lenders prefer certainty to chaos. Some lenders take this concept to its logical conclusion in mortgages by inserting prepayment penalty clauses.
Build Equity By Choosing The Right Mortgage
Homeownership is the key to building wealth for most people because it is an involuntary savings account. As you pay down your mortgage each month, the value of your interest in the home rises.