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Beyond Aesthetics: Things to Consider When Purchasing a House

Categories: Finance Online
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Couple Outside Home with Sold Sign

Couple Outside Home with Sold SignMany prospective homeowners in South Jordan are taken by the look of the house. Some claim to have fallen in love with the property at first sight — as soon as they saw the exteriors, they knew it was the one. However, your mortgage company and real estate broker in South Jordan, Utah might recommend that you look into other factors so that you won’t regret your decision later.

Ease of Transport

You should check how far is the property from your place of work. Check the surroundings and see how long it will take you to go to supermarkets, hospitals, schools, your office, and other important places. Factor these in when deciding if you are willing to pay for the price the mortgage company has set for you.

Presence of Asbestos and Other Harmful Chemicals

Checking a house for this is especially important if the house was built before the ’80s. When disturbed, asbestos may cause illnesses. Testing companies can help you check for the presence of asbestos. Do this before you have the house evaluated. If the house has dangerous levels of asbestos, it’s not a good option for your family.

Your Family’s Plans for the Future

It’s not just the state of the house that you need to evaluate. You also need to think about your plans. Are you staying on the property for decades or planning to resell it? Do you have plans to add to the family or is someone moving out? Will there be a baby or an elderly joining the household? All these determine how friendly and how adequate the house is for you.

The price of the house or its style are not the only things to consider when purchasing a property. Think about your family’s needs and long-term plans, as well.


Why Get Mortgage Insurance for Your Mortgage Loan?

Categories: Finance Online
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Mortgage Loan in Ogden

Mortgage Loan in OgdenBuying a house has a giant obstacle; that is coming up with a sufficient down payment. You can put less than the traditional 20% down payment, but the lender will likely require you to buy mortgage insurance.

Mortgage Insurance

Mortgage insurance works like any other insurance plan, but it all depends on the type of loan you acquire. Mortgage insurance gives people — who otherwise thought that they have poor financial standing — the opportunity to become homeowners. With minimal monthly payments, almost anyone can acquire a roof over their heads.

Private Mortgage Insurance

There are two types of mortgage insurance: private and government. Private mortgage insurance (PMI) benefits the mortgage lender. As the lender accepts a little down payment, they still consider it a big risk and require you to purchase mortgage insurance. Wasatch Peaks Credit Union noted that the size and type of mortgage loan you acquire could determine the cost you’re likely to pay.

When Can You Cancel Your PMI?

Upon reaching the principal balance (less than 80%), you can cancel the PMI. However, there are restrictions that govern the cancellation. If you successfully pay your mortgage halfway, there is a possibility of cancellation for your PMI. Before taking your mortgage loan in Ogden, your lender should tell how long it would take to reach the loan-to-value mark and inform you of mortgage cancellation options.

You might as well want to pay a little down payment, but consider the costs down the road. The large the down payment, the better the financing deal you land in terms of lesser fees and lower interest rate. Nevertheless, the process of getting yourself a mortgage is a result of your current and future financial capabilities.