Most people who go through a real estate transaction are reluctant to admit that they are, all too often, pretending to understand what’s being said. Gaur City 12th Avenue Ready to Move Apartments Greater Noida West, This is particularly true of first time buyers who are often embarrassed by their lack of experience. Pretending to comprehend the process is a dangerous business, one that can cost you money in the long run.
It’s always best to remember the rule that there are no stupid questions — especially where your money is concerned. At the same time that you are going online to look at property listings or to research the part of town to which you are thinking about moving, you might also spend a few minutes familiarizing yourself with some of the terminology you are likely to encounter when buying a home OR getting a home loan. Aspire Leisure Park by Gaurs Price / Aspire Centurian Park by Gaurs Price / Trecento Residences by Gaurs Price / Gaur City 12th Avenue Price Noida Extension.
Basic Mortgage Terms You Should Know, Nowhere is the problem of feigned knowledge more prevalent than in negotiating a home mortgage. Gaur City 12th Avenue Ready to Move Apartments Greater Noida West, Some basic terms you need to understand include: Amortize — It’s a complicated sounding word that can be simply defined as paying off a debt or loan through regular payments, with a portion of each applied in part to the principle (amount borrowed) and in part to the interest. Adjustable Rate Mortgage – Basically, there are two types of mortgage loans. In an ARM, the interest rate goes up and down over the duration of the loan in response to an economic index. (An example would be the value of India Treasury securities.) When an index goes down, the interest and payment goes down.
Fixed Rate Mortgage – This is the other type of mortgage where the interest rate stays the same for the life of the loan. Gaur City 12th Avenue Ready to Move Apartments Greater Noida West, In general, this avenue offers more stability and many people like it because they know exactly what they will be paying. Interest – We all hate it. We all resent it. But interest is part of the deal and is the compensation paid to the lender for using his money to buy your home. It is always calculated as a percentage of the total loan amount according to a prevailing rate.
Closing Costs – This is an aspect of the real estate process that always seems to catch buyers and sellers unaware. Basically, these costs are the fees associated with the home loan that are to be paid at the signing. Items that may be included are things like lender charges, the price of a credit report, an appraisal, and so on.
Listen While Your Agent is Talking, There’s a famous scene in the play Auntie Mame when the boy’s wildly eccentric aunt hands him a pad and a pencil and tells him to write down every word he hears that he does not understand. His list winds up being pretty exotic, but the advice is excellent.