Money Money and Emails

Mortgages

You know what? I’ll think I’ll talk about financing a deal, yeah I’ll think I will talk about mortgages. Well what is a mortgage? A mortgage is a written agreement that assure property as security for payment of debt. Just to let everyone know, I did get an email about mortgages. Bill asked “Did I get suckered into a bad mortgage by my agent?” Well to tell you the truth Bill, I don’t know if you did get suckered, it’s possible. Remember it’s your job to read all the contracts and ask questions before you sign your life away. Let me put it to you straight, an agent will present to you different types of loans for you, and then you choose. The agent will let you pick because he or she doesn’t want to be liable for suggesting a particular mortgage, but it’s not like you can’t ask questions about how mortgages work. If your agent is good, then he/she will tell you how different mortgages work then it’s up to you to choose. If that doesn’t work or things seem confusing, go on the internet and look up these types of mortgages and see how they work.

• Fixed rate mortgage
• Adjustable rate mortgage
• Fixed/ adjustable-rate mortgage
• Balloon mortgages
• (FHA) Federal Housing Administration Mortgages
• (VA) Veteran’s administration loans

Remember all these mortgages are setup so the bank will get its cut no matter what, so the more you know the more money you’ll save. If you’re an investor it is very important to know how mortgages work, because some loans don’t work very well at all when it comes to flipping or holding houses. If you don’t know how they work then you’ll most likely loose more money.