Help on evaluating a loan offer?
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davie
Apprentice
Joined: 22 Nov 2005
Posts: 3
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 Posted: 04/12/08 - 07:00 Post subject: |
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| I have recently been thinking about taking a loan for my home. I have hired a broker and he put several offers in front of me. However, since I do not have much experience, I would like some help on evaluating a loan offer. What things should I look for in it? Thanks in advance for any suggestion. It really means a lot. |
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mose
Apprentice
Joined: 24 Oct 2004
Posts: 5
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| Posted: 05/11/08 - 22:07 Post subject: |
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| Since you will be borrowing significant amount of money, it is extremely important that you be very careful when choosing which one to expect. Wrong decision could financially damage you even for years. When looking at an offer, be sure to balance a lower interest rate, with a larger number of monthly rates. That means that you are trying to commit yourself to a longer-term obligation, while paying less each month. Also, take a look at closing costs, and prepayment penalties, as these are two often neglected, but very important aspects. For some more info, go to http://www.myfico.com/LoanCenter |
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