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Ann Smith 519.697.3544
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Shopping for a Mortgage By Ann Smith, Broker In today’s economy, shopping for mortgage financing is simple. With a plethora of mortgage products and options available, competition for your business is booming. Analysts are predicting that interest rates will climb by spring 2007, which will lead to a slight slow down in housing sales. So if you’re interested in selling or jumping onto the real estate band wagon, this is the time to do it. Before you start your house search, check out the mortgage options available. There are many alternatives to traditional mortgages, which mean financing is now available to families that would not have been eligible a few years ago. These include longer amortization periods (some up to 35 years) and interest-only mortgages. The huge growth in the mortgage broker industry has resulted in more choices and flexibility…so traditional lenders have had to become more creative. The result is that consumers have a greater opportunity to get a mortgage on their terms. Just beware…if interest rates rise, you don’t want to be saddled with payments you no longer can afford or that put your standard of living in jeopardy. And remember, when you are pre-approved for a mortgage before shopping, you don’t waste time looking at homes that are financially out of your reach, at least at the moment…and you have more bargaining power when it comes to negotiating price.
Ann
Smith, Broker |
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