mortgages ???

Posted on Oct 7, 2012 in Unique Loan Programs

mortgages
by MDGovpics

Question by human reject: mortgages ???
what do i need to know about mortgages?
who is the best bank to go with for one?
how old do you have to be to get one?
whats the longest you can take pay one back?
and any thing else you think will help me.

Best answer:

Answer by mbrcatz17
You have to be 18 to get one. Everything else is negotiable.

Stop by the lending office of your personal bank to discuss it with them.

Know better? Leave your own answer in the comments!

4avg.rating 30 votes.

2 Comments

  1. You can get a mortgage through a bank or a mortgage company. You should check with several to see who has a program to meet your needs. The various companies will all have different programs to offer; they don’t all have access to the same ones.

    Like any legally binding contract, you must be at least 18 to attain a mortgage.

    I think 30 years is the max.

  2. Good questions…

    You need to know several things about the mortgage, rate, APR, term, early-pay-off penalties, etc

    The best bank will be determined by your credit; WAMU, Wells Fargo, Bank of America, and other big banks are credible and great institutions.

    You have to be at least 18 to get a loan.

    In the good ol’ days, a mortgage will go for 10-, 20-, even 30-year. Now, due to greed by some banks, they are coming up with 40- and 50-year mortgages. This is stupid as they are taking you out to get more money from you. This mortgage bubble ocurred in Japan exactly ten years ago, where banks were even doing 100-year mortgages. We are probably heading that way too. I just advise that you take out a 30-year mortgage at the most.

    Also, make sure the mortgage is a fixed rate mortgage. The only good thing about debt is that it does not keep up with inflation. It devalues over time, so you get a better chance at paying it faster. If your mortgage is $ 100,000… In 30 years, that’d be nothing… Yes, true… you add the interest to it, but if you are likely to get a better job within the 30-year term, your job is likely to keep up with inflation at a rate of 3.5% increase per year.

    Stay away from ARM or IO loans… as they are crafted to screw you.

    Regards,

    Bachiatari