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Buying Your First Home: Three Steps to Successful Mortgage Shopping
ABCs OF MORTGAGES SERIES
PDF Version (1,510 kB, 57 Pages)
Table of Contents
- A step-by-step guide to mortgage shopping
- Step 1: Know what you need and want in a mortgage
- Down payment
- Home Buyers' Plan
- Mortgage payments: interest versus principal
- Mortgage types: open or closed
- Amortization period
- Mortgage terms
- Interest rates: fixed, variable or hybrid
- Payment frequency
- Mortgage default insurance
- Other insurance options
- Mortgage registration: standard or collateral charges
- Home equity lines of credit (HELOC)
- Mortgage options
- Step 2: Shop around and get pre-approved
- Step 3: Make the right decision for your needs
- Summary: Three steps to successful mortgage shopping
- Monthly housing expenses worksheet
Smart mortgage decisions start here
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