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Mortgage Loans

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Mortgage loans provide you with the means of home ownership.

Mortgage Loans-The Reason You're Here

Mortgage Loans Make Happy Homes

For the majority of you visiting My First Mortgage, mortgage loans are the financial tool allowing you to own, actually own, your first home. Its a very exciting opportunity and a bold step forward, and all of us at My First Mortgage wish you nothing but the best in your mortgage and home-ownership experience. Mortgage loans are the money you need, the principal necessary to buy that first house. Mortgage loans are virtually required when purchasing a home today, allowing you to own and live in your home while repaying your mortgage over a timeframe suitable to you. When looking for the right mortgage loans for you, be sure to take into account every aspect and opportunity available:

Knowing Is Key To Successful Mortgage Loans

How much are you willing, and how much are you able, to spend each month on your home mortgage? Do you have money for a down payment? Can you afford to buy some points to help depress the mortgage rate? What will you be doing, and where will you be, in 5, 10, or even 30 years? You know that with private home ownership and mortgage loans you are responsible for principal and interest of the loan as well as property taxes and insurance, right? These are all important questions you must ask yourself when considering taking on mortgage loans, and with the answers you reach there is a loan somewhere, out there, that suits your exact needs. The market for mortgage loans is highly competitive, and with the right amount of knowledge you can give yourself enormous cash savings through simple negotiation and research of a lender. My First Mortgage is designed to give you the tools to clarify the rules of the mortgage process. The implementation of the tools is entirely up to you.

What Lending Agents Look For In YOU Before They Agree On Mortgage Loans

It's important to remember that mortgage loans are a business, and a very lucrative business at that. Although the market may be claiming low rates and scrounging for buyers to loan money to, they are still wary of who they loan to and how much they end up loaning. In general, to be approved for a mortgage loan you should:

  • have good credit, and
  • possess a steady, reliable income

Furthermore, after approval the loaning agent is still obliged, and rightfully so, do decide how big of a loan you qualify for. For this most lending agencies rely on debt-to-income ratios, and the standard ratio is 28/36. Debt-to-income ratios are a measure of your ability to keep up with monthly payments on your mortgage loans. The first ratio number, 28, is called the front-end ratio and is the percentage of your gross monthly income, not including other debts, that you can afford to spend on housing. If you earn a salary of $30,000 a year, your front-end ratio is roughly $700. The second number, 36, is the percentage of your monthly income that can be spent on housing plus revolving monthly debts, such as credit cards, student loans, etc. If you possess no other debt, something extremely rare in our borrowing economy, the lending agent sees you as able to spend the full 36% of your income toward your mortgage payment. This could be good or bad, depending on your job security and potential emergencies that might arise. You can help yourself by knowing yourself, by coming to terms with your financial reality and making mortgage decisions with honesty and self-assurance. Do not over-estimate your buying potential, and do not take on a mortgage payment that appears even a little too high. In all reality you will be repaying your home mortgage loans for years and years to come. If you are prepared for that reality and ready for the commitment, you will be successful with your purchase and create for yourself the right mortgage loans!

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