www.megabuying.com
Username:
 
Password:
Search All RealMega:

Powered By RealMega and MonsterDaata
.RealMega Home
.Monster Daata Home
.Neighborhood Find
.Monster Domain
.Mega Community
.Real Office
.Real Vision
.Real Venue
.Mega News Network
.Real Advisors
.Home Responder
.Mega Factor
.Factor Preview
.Real Neighbor
.Flash Mega
.Real Profiles 
.Multi MLS Search
.Real Owner
.RealMega Presentation
.Buy/Sell Multimedia
.Mega Hosters
.RealMega Site Map
.RealMega Site Index
.RealMega Database
.Contact Information
.Press Release
.RealMega 1 Blimp

Join RealMega
.Free - Join RealMega
.My RealMega
.Contact RealMega
.Send Us Feedback
.Recommend Us
.Mega FAQ
.Link to RealMega
.Mega Banner Links
.Mega Guestbook
.Mega Guestmap
.Mega Forum Page
.Mega Connects
.Make RealMega Home
.Spam Policy
.Advertising
.Terms of Use
.Privacy
.Recommend Us Cards

Entertainment
Entertainment Trivia Free Cards Horoscope Planetarium
Free Entertainment
From RealMega

Monster Domain Tools
Monster Domain Tools
Domain Names & Other
Related Products

Shopping
Shopping Books Real Estate School Web Hosting Domain Names Values
Your One Stop Shop
From RealMega!

Make Us Your Home!
Bookmark Us
Make RealMega My Homepage!

To see how to make RealMega the first page you see when you open up your web browser on your computer Click Here

Mega Selling
Mega Selling
Useful Homesellers Information

Mega Buying
Mega Buying
Useful Homebuyers Information

Real Vision / Real Daata
Real Vision and Real Daata
Real Vision & Real Daata

Real Office
Real Office Tools
Virtual Office Resources

Including:
Calendar
Address Book
Notepad
To Do List
and much more...

Mega Funnies
Image of the Hour

Send Your Friends One Of Our Free Mega Funnies Cards!
Click Here

Real Calculator
Real Calculator
12 Step System

Swami Knows
Swami Knows
Entertaining Advice

Mega Trivia
Mega Trivia Games
Entertaining Trivia

Mega News Network
Mega News Network
Netowrk News Source

Financial Information
Mega Financials
Financial Information

Overton Factor
Lowell Overton Lowell Overton
Lets Talk About Home Ownership

Mega Glossaries
Mega Glossaries
Mega Glossary Terms

Real Horoscope
Aries - From 21 March to 19 April Taurus - From 20 April to 20 May Gemini - From 21 May to 21 June
Cancer - From 22 June to 22 July Leo - From 23 July to 22 August Virgo From 23 August to 22 September
Libra - From 23 September to 23 October Scorpio - From 24 October to 22 November Sagittarius - From 23 November to 21 December
Capricorn - From 22 December to 19 January Aquarius - From 20 January to 18 February Pisces - From 19 February to 20 March

Weather
Mega Weather

Free Local and National Weather Reports!

Enter Your City, State, State or Zipcode:


Current Moon Phase
Current Moon Phase

World Weather From Mega Forecast

Real Book Source

Real Book Source

  
Mortgages Explained
Basically, a mortgage is just a loan that is to be used to finance the purchase of property. The property itself is used as security to ensure repayment and the lender holds the title or deed to the property either directly or indirectly (depending on your jurisdiction) until you have repaid the entire amount plus interest.

When shopping for a mortgage you should keep in mind that there are many different types available. They can range from fixed rate mortgages where the interest rates never change, to adjustable rate mortgages (ARM's) where interest rates are pegged to some type of market index, allowing them to rise or fall over time as the economy changes. Between these two extremes are a variety of other products that attempt to blend the advantages of the guaranteed interest rates of fixed rate mortgages with the flexibility found in adjustable rate mortgages. The length, or "term" of a mortgage, is also an important factor to consider. You can choose between short-term mortgages that need to be renegotiated every few years (called "balloon" mortgages), and long-term mortgages where you lock your loan in for up to 30 years.

One of the most important things you need to do before committing to any type of mortgage is to sit down with a mortgage professional and examine the advantages and disadvantages of all available options and determine which product is best suited to your current situation and future plans.


The Basic Components Of A Mortgage:
 
  • Mortgage Amount:
    The total amount of money to be borrowed by the Purchaser and applied toward the price of the property. In general, the mortgage amount plus down payment equals purchase price.

  • Down Payment:
    The amount of money provided by the Purchaser toward the purchase price of the property (not including legal fees or other acquisition costs). In general, down payment plus mortgage amount equals purchase price.

  • Interest Rate:
    The actual cost of borrowing money, charged as a percentage of the outstanding amount owed. Usually compounded on a monthly basis.

  • Term of the Mortgage:
    The period of time during which the loan contract is active. During this period the borrower makes periodic payments (usually monthly) to the lender and at the end of the term the balance of the loan becomes due and payable.

  • Amortization Period:
    The period of time after which, if all monthly payments are made on time and in full, the loan will be paid out. The term and the amortization of a mortgage are often the same, but do not need to be. Instead of having a 30-year mortgage term with a standard 30-year amortization, the borrower could opt for three 10-year terms (called balloon mortgages). At the end of each term the borrower would have to refinance the loan, necessitating renegotiation of the interest rate and payment schedule with the lender.

  • Discount Points:
    Discount points refer to the additional money the borrower may pay to the lender on closing to get a lower interest rate on the loan. The cost of one point equals 1% of the amount borrowed. This means that one point on a $150,000 mortgage equals $1,500. Usually, for each point paid for on a 30-year loan, the interest rate is reduced by about 1/8th (or 0.125) of a percentage point.

  • Prepayment Privileges:
    The right of the borrower to pay out all or part of the outstanding principal before it comes due. These privileges are usually set out in the initial mortgage negotiations between the borrower and lender and will differ depending on the type of mortgage.



[ Back to Mega Buying Home ]
  

[ Index of Mega Buying]
Translate RealMega

Translate RealMega To:
Spanish, German, French, Portuguese

RealMega Interactive
.Agent Directory New Feature of Real Mega
.Neighborhood Place
.RealMega Presentation
.Buyer/Seller MultiMedia
.Mega Tool Bars
.Free Flash Web Pages
.Free E-Mail
.Free Newsletters
.Free Forms
.Blueprinter
.Virtual Office
.Virtual Cards
.Surveys
.Organizer
.Photo Connects
.Maps - Driving
.Translator
.Power Quotation
.Power Spell
.Power Publish
.Converters
.Calculator System
.Mega Calculators
.Flash Web Search
.Download Flash Player

Home Information
Home Information
Useful Home Information

Mega Resources
Home Information
Resource Information

Mega Source Shopping
Mega Source Shopping
We Sell Everything!

Real Profiles
Real Profiles - Real Estate Agent Directory
New Feature of Real Mega Real Estate Agent Directory

Agent Directory
Just Added

Sellers & Buyers
Search the directory for a Real Profiles Agent

Agents
Add your name to our latest directory feature

Free Flash Web Page
Free Flash Web SiteGet your FREE dynamic flash web page! Increase your web presence today. Hosted by RealMega and Free to all RealMega and MNN viewers!

you.realmega.com

Start Building Now!

RealMega Mail
Real Mega Mail - Free WebmailWant to have your own RealMgea email address? you@realmega.com It's free and secure. Click Here to find out more about RealMega Mail.


RealMega Virtual Cards
Image of the Hour

Send Your Friends One Of Our Free Virtual Cards!
Click Here

Real Laughs
Image of the Hour

Send Your Friends A Real Laugh Comic!
Click Here

Free Newsletters
Free NewslettersChoose from the MegaFactor newsletter selections and receive your FREE newsletter every 2 weeks by Email.

Mega Column
Mega ColumnChoose from the Mega Column selections and receive your FREE Mega Column every 2 weeks by Email.

RealVenue / HomeDaata
Real Venue and Home Daata
Real Estate Community

Mega Fun Zone
Mega Fun Zone
Entertainment Center

Buyer / Seller MultiMedia Presentation
Buyer and Seller MultimediaBuyers and Sellers we have put together this multi-media presentation for you to watch and interact with. It gives you some great tips whether or not your are buying or selling a home. Click Here To View

Mega Finance Course
Take The Mega Finance Course101 Ways To Mega Manage Your Finances. Check out our Mega Interactive Course on how to manage your money effectively.
Click Here Now

Mega Go To
Google Search
Enhanced By: Google


Real Surveys
Take the Multi-Poll here at RealSurveys.com

How Should Congress Handle Your Social Security?

Increase
Decrease
Stay The Same



Results

Votes 2543

Your Custom Bookmarks

Power Quotation
"Love does not consist in gazing at each other but in looking together in the same direction."
-- Antoine de Saint-Exupéry


Event Calender
No events for today.


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

·Create an event·
·Enlarge Month·
·View Year·


Home
| Join RealMega | Community Web Pages | Contact Us | Blog Page
Advertise on RealMega | Terms of Use | Privacy Statement | Spam Policy

RealMega Site Map | RealMega Site Index

© 1999-2006 RealMega.com. All Rights Reserved.
All Other Copyrights Remain The Property Of Their Respective Owners.

The RealMega Network is Proudly Hosted by Mega Hosters Inc.