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Mortgage Memorandum Essay

1142 words - 5 pages

Purchasing a home is one of the largest investments one will make in their lifetime. The extreme difficulty to amass enough savings to purchase a home up front causes most people to obtain a mortgage, a loan to finance the purchase of your home. There are various types of mortgages and many pros and cons that come with each. To determine whether or not you are eligible for a mortgage loan, you must consider your credit history, how much money you can put toward a new home, and the new costs that come with owning a home. You also have to consider the principle, the sum of money you borrow to buy your home, the interest on your mortgage payments, property taxes, and homeowner’s ...view middle of the document...

A financial plan would help me avoid the possibility of not being able to continue paying off my mortgage loan and face the risk of foreclosure, or repossession of my home. The mortgage loan I am able to receive depends on my credit history. The creditor could decide that it would be too risky to give me a loan based on my history of paying off debts such as school loans, car loans, and previous home loans. If I plan ahead, I can control my spending and have a respectable credit score. Another thing determining the home I purchase and whether or not I would put a larger down payment on the home are the discount points I would receive at closing. The more points the lender gives, the larger the down payment I would consider paying. This factor could affect the home I decide to purchase.

After planning ahead and doing my homework in considering the factors of buying a home, I would have to decide what type of home loan I would want to purchase. There are many different sources of mortgage loans, the primary sources being savings and loan institutions and commercial banks. There are also credit unions and mutual savings banks. The choice would be between the two categories of loans, conventional or government-backed. Conventional loans are the loans from a bank or S&L. If you default on the payments, your home, or other collateral, will be seized and sold to cover the costs. I would have to be very careful having enough money saved up and making sure my income is high enough to cover the costs of the home. With government-backed loans, the traditional lender, a bank or S&L, still makes the loan, but the government insures it. The two primary types of government-backed loans are Veteran’s Administration (VA) and Federal Housing Administration (FHA) and while they come with advantages such as low interest rates, a smaller required down payment, and less strict financial requirements, they also come with disadvantages. With FHA loans, the closing costs are higher due to mortgage insurance premiums and there are limits on the amount of funding you can acquire. You are expected to pay a portion of the required default insurance even though the FHA guarantees the entire loan. FHA and VA loans have accounted for more and more mortgages in recent years, but conventional and...

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