Pros and cons of mortgage programs for first time homebuyers in Corpus Christi
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First Time Home Buyer Corpus Christi
710 Buffalo St #800 Corpus Christi,TX 78401 Phone:(866) 772-3802 |
In case you want to purchase a property, you may not have the cash needed to pay for it upfront. When you find yourself in this situation, you may want to approach a lender who specializes in home loan programs. There are various lenders whom you can approach for a first time buyer loan Corpus Christi. A mortgage is a secured loan to finance a home whose security is the title of the home. The title remains with the lender for the entire period of the loan’s existence and it is only when the loan has been repaid in full that the client gets full ownership of the home.
Perks and downsides of first time home buyer loan Corpus Christi ADVANTAGES OF MORTGAGE LOANS Home ownership A mortgage enables you to own a home even when you do not have enough cash in hand. This eventually leads to a lot of convenience since living in your home gives you freedom to redecorate as you wish and is eventually much cheaper than paying monthly rent.Cheap Mortgages are very cheap because the risk associated with it is small. As explained in the introduction, the lending institution retains the property title as security for the loan making it almost risk free. If you fail to repay the loan the institution sells the property and recovers its money.Repayment rate The amount of mortgage repaid monthly is usually way much lower than the initial monthly rent in a leased house making a mortgage loan better than rent. Repayment is often cheap and stretched over a long period of time meaning it will not cause a huge dent in your finances.Government subsidies Most governments have tried to ensure that its citizens own homes and have introduced cheap home ownership schemes that have very good repayment terms. DISADVANTAGES OF MORTGAGE FINANCING Repossession There is always the risk that if you fail to pay your mortgage the institution will repossess your property. This is an ever present risk irrespective of your standing financial status. This means that whether you have money or not you must honor your monthly repayment obligation failure to which your house will be repossessed by the lending institution. In cases of emergencies that will affect your finances like sudden job loss it leaves one strained and stressed.Reselling Due to the ever changing economic conditions there is no guarantee that the resell value of your property will fetch a profit. There is always the risk that it might sell lower and that you might actually make a loss.Discounts Buying property using mortgage will not give you discounts that those who buy in cash get. These discounts sometimes are so huge and could save you a lot of cash. People who tend to buy property in cash are always given discounts while those using mortgage tend to attract extra additional fees.Corpus Christi first time homebuyers program Repayment period Mortgages run for a very long period and this means you will have a debt to repay for a very long time. This leaves one exposed to unforeseen risks such as reduced resale value, jobloss, illnesses among others that can affect one’s ability to repay the loan. Irrespective of ones financial and health issues one still has a debt to worry about or risk repossession. |
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