tailieunhanh - Home Closing Checklist Part 3

Because getting financing is such an integral part of purchasing a home today, you should find a lender long before you even begin to look at property | 3 Obtaining the Financing to Close the Deal Copyright 2004 by The McGraw-Hill Companies Inc. Click Here for Terms of Use. This page intentionally left blank. 8 Finding a Good Lender QUESTIONS TO ASK YOURSELF Why do I need a lender to close Unless you re paying cash for your property you will need a mortgage to close your deal. This mortgage will be the difference between what you re putting down in cash and the balance of the price. If you re buying a home for 100 000 and putting 10 000 down you ll need a mortgage for 90 000. Of course you ll also need to have the cash to pay for closing costs or finance those costs . Have I specified the mortgage I need Your purchase agreement should detail the mortgage including Full amount of mortgage Maximum interest rate you ll pay Term 10 years 15 years 30 years or other terms Type fixed interest rate variable rate hybrid Maximum points you ll pay It s important that this all be spelled out and that it be written in the form of a contingency. Thus your purchase agreement would state that your purchase of the property was subject to your getting the specified mortgage. This way if for some reason you could not get the mort- 117 Copyright 2004 by The McGraw-Hill Companies Inc. Click Here for Terms of .