by Nelson Vianna - FINDING THE HOME OF YOUR DREAMS

The appraisal expert evaluates the property using one of these two methods: sale comparison approach, by comparing your home with other similar ones that were sold in the area, or the cost approach, used mainly for new buildings — a method that evaluates the cost of replacing the structure of the home.

VALUE OF PREPAYING YOUR MORTGAGE

It’s a great idea to prepay your mortgage if you can. By doing so, you can reduce the costs incurred together with interest and save thousands of dollars in the long term. To prepay the mortgage means that you pay the amount you owe to the lender before due term. To do so, it’s important to understand some of the most popular methods of doing this. Some people decide to pay a monthly sum above the mortgage payment. This amount gets applied to principal (not the interest), and doing so consistently can save you quite a bit in the long run. Another way of reducing interest is through a system of making 13 payments in a year instead of 12. This is part of shopping for a mortgage. Some mortgages have a flexible policy, which allows you to make extra payments as you consider fit and without restrictions. In other cases, however, the terms of overpaying a loan are strict and require a penalty for those who are planning on prepaying the mortgage. These terms are detailed in the prepayment penalty disclosure section of the documents. Be sure to examine the documents carefully.

THINGS THAT CAN DISRUPT YOUR DEAL

Until the closing statement is signed by both you and the seller, nothing is certain. The deal might fall apart from one day to another. Here’s a list of common mistakes that may seem

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