Since, in most instances, the value of one’s house, represents their single – biggest, financial asset, doesn’t it make sense, to proceed, in the wisest possible manner, and be prepared, with applicable knowledge, etc? Most people depend upon, securing a MORTGAGE, in order to buy, their part, of the so – called, American Dream, and, consequently, the more one knows, and understands, about the time of action, and necessities, After, more than a decade, as a Real Estate Licensed Salesperson, in the State of New York, I have observed, far too many, otherwise – qualified, possible buyers, ill – prepared, when it comes to this area. With that in mind, this article will, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this method and represents.
1. method; motives; motivating; monies: Do you have the financial method, to put together, the down – payment, and other monies, needed, at the closing? Closely examine, and understand your personal motives, and what you seek, and can provide! What is motivating you, to proceed forward, to address some of your personal dreams and aspirations?
2. Options; offerings: Mortgages are not, one – size – fits – all. They come with, different lengths of maturity, and down – payment requirements. They, also, have different formats, from fixed – rate, types, to a variety of different, variable rate, ones! The better one knows, and understands, the obtainable offerings, and determines, which are best for their personal circumstances, etc, the more effectively, he will determine which options, he seeks!
3. Reasons/ reasoning; realities; rates; applicable: What are the reasons, you want to buy a house, and how, does your reasoning, make you better prepared, to make the most, personally applicable decisions? Be objective, and introspective, so you realize your true, personal realities! Compare rates, and terms/ conditions, and read, the small – print!
4. Time – tested; timely: Do some research, and understand, the tried – and – true, time – tested, realities of mortgages! In changing markets, rates often fluctuate, and so, making your decision, in a timely manner, may make a meaningful difference, in the rate you receive, and, consequently, your monthly costs!
5. Growth/ growing: Our personal growth, method, we sometimes experience, growing pains, and, consequently, one must recognize, the relationship, about preparing for the financial aspects, and enjoying the experience, are related!
6. Attention; attitude: Proceed with a well – considered, positive, can – do, attitude, so you look, at the best way, to conquer obstacles, in a solution – oriented manner, instead of dwelling on the negative aspects! The more attention, we pay, and realize possibilities, ramifications, and contingencies, the better, the time of action, typically, proceeds!
7. Greater: Why do you believe, owning a home, of your own, will make your life experiences, seem greater?
8. Earnings; emphasis: Your bank or other lending institution, review, many things, including your credit history, etc. One basic consideration is the level, and security, of your earnings, and earnings history! Know your emphasis, and be prepared!
The better we understand some of the MORTGAGE necessities, the less stressful, the time of action, usually is! Will you be prepared?