Financing a Mortgage from a Lender’s Perspective
July 31st, 2011
When Financing a Mortgage think of this purchase from a lender’s perspective. He will be risking a lot of money for only a 5% payoff at the end. In their eyes, if you don’t have enough cash to save lots before you purchase your new home, how are you going to cope with all the expenses that come with house ownership? Have you thought of the price of heating, air conditioning, a new roof if it’s not up to par? What about taxes, paint, or a tree falling on the house. It isn’t cheap. It all adds up. Save enough money for your downpayment. A larger down payment will equate to a greater interest rate.
Entry Filed under: Finance