5 things to understand about your home loan
The recent mortgage meltdown should have driven home the lesson that understanding one’s home loan is critically important. However, most people fail to think about mortgages because they find the topic too complex.
In fact, a survey by Zillow Mortgage Marketplace found that borrowers who obtained a home loan in the past five years typically spent just five hours researching their options — that’s half the amount of time people spend researching a car purchase (10 hours). Nearly one-third spent two hours or less. Yet, a home purchase is one of the largest investments most people will make in their lifetime, and the type and terms of their loan greatly affects affordability. That’s why before choosing a home loan, borrowers should shop and compare mortgage rates as well as mortgage lenders and once they’ve chosen a loan, make sure they understand these five home loan basics: read more