Why you need to get a Mortgage for your New Home?

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Now that you have found a Lawyer, it’s time to look for a Mortgage. Your best bet is to visit a local Broker. A broker will do the shopping for you and find you the best interest rate possible. If you are lucky enough to have a 25% down payment on your purchase, you will be able to obtain a Collateral_mortgage. A collateral_mortgage will cost you less over the term.

However, if you are like most people you won’t have the 25% down payment. You will have to obtain a Conventional_mortgage which means you will have to go through a mortgage_and_Housing Corporation. When you obtain a New_Home_mortgage, there is usually an insurance fee that you will have to pay which is based on the amount of your New_Home_Mortgage.

Most lending institutions will add this to your New_Home_Mortgage amount. However, you are well within your rights to pay this insurance fee up front without adding it to your loan. If you pay the insurance fee up front you won’t end up paying interest on the insurance fee over the term of your loan.

If after meeting with your Lending Institution, you are still not quite sure of the procedures involved, by all means talk to your Lawyer. He/she is there to protect your interests. Don’t be afraid to ask questions. Your Lawyer will require copies of your Birth Certificates in order to complete the Mortgage documentation.

Why you need to get a Mortgage for your New Home?

Your Lending institution will require an appraisal of the property together with a Water Potability Test. This is a test for bacteria levels which is unnecessary if the property is on a Municipal Water System. A Septic Certificate is also needed for new homes that were just completed. Again if the property is on Municipal Sewage, this Certificate is unnecessary. Your Lending Institution will also require that you obtain a Building Location Survey or in the alternative, Title Insurance.

Your Lawyer can assist you in obtaining all of this documentation. Rules and regulations will change from Country to Country. Always check with local authorities for up to date information.