I am Burt MacDonald. We are slowly turning into a country of renters as more and more millennials feel that they prefer renting, which requires much less commitment than owning a home. I have completely embraced this lifestyle as well. I never feel like I can live in a city for very long. It doesn't take long to see most of the things you'd want to see in a given city. So I have decided to create a blog where I will cover various aspects of real estate, from both a owner's and renter's perspective, to help anyone I can.
Buying your first home is an exciting moment. It can also be a confusing moment, especially if you're not prepared for the possible glitches, and there can be quite a few of them. If you're not prepared for the process, you need to have someone by your side who'll be there to look after your interest. Real estate agents can help you find the right house, but they won't be able to help sort out all the intricate details of your mortgage loan. Unfortunately, a bad mortgage loan will haunt you for years to come; sometimes up to 30 years, which is the term of most home loans. That's why it's so important that you speak to a real estate attorney before you sign the loan documents for your new home. They'll make sure you're getting the best possible deal for your money. Take a look at three benefits you can receive from hiring a real estate attorney to look at your home loan.
Explain the Loan You've Agreed To
When it comes to home loans, there are two specific types that you should be aware of; fixed rate loans, and variable rate loans. The fixed rate loan will keep your interest rates at the same level for the entire duration of your home loan. The variable rate loan will have rates that fluctuate throughout the life of your loan. Those fluctuations will be based on current interest rates. Your attorney will be able to look at your specific situation, and help you choose a rate that's best for you.
Help You Understand the Terms of the Agreement
Your home loan will also contain various terms and conditions that you agree to honor. While most loans are pretty cut and dry, there are some that will contain conditions that might not be your best interest. For instance, some loans require a balloon payment at some point in the contract. Those balloon payments can be quite large, depending on the size of the loan, and the terms you agreed to. If you don't understand the terms of the agreement, you could find yourself in a position that you can't get out of, which could jeopardize your ownership of the home you purchased. Avoid those types of encounters by having an attorney look at the agreement first.
Identify Hidden Costs
When it comes time to sign your loan documents, you might not realize that they might contain hidden costs that you weren't aware of, or that you don't understand. Some of those costs might include mortgage protection insurance, or mortgage account fees. While some of the fees are required, others are simply added to pad the cost of your loan, and increase the funds that the mortgage company will receive. Your real estate attorney will be able to identify those hidden costs, and determine whether, or not, you need to pay them.
Don't go into your home loan without all the information. Talk to a real estate attorney near you, such as from Attorneys Funding Group Inc, before you sign your loan papers.