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First-Time Home Buyers Guide: The Basics Of A Mortgage

First-Time Home Buyers Guide: The Basics Of A Mortgage

Nine Mortgage Terms Explained, From ARMs To Points

Are you considering buying a home? Will you need a loan? Do you understand the home loan process and how a mortgage works? Knowing basic home mortgage terminology, including loan types and points, can help first-time buyers learn the things they need to know so they can make their best informed decision. Let’s look at these nine basic terms that may help new buyers gain the confidence to move forward with their new home loan.

Down Payment

  Realtor says that this money is typically 20 percent of the total cost of the home. For example, a house that is for sale for $100,000 would typically require a $20,000 down payment to secure the loan.

This payment means that the buyer needs this money up-front before the sale is complete. This percentage is just an average. In areas where homes go quickly, it may take as much as 40 percent to get the home loan.

No-money-down and low-percentage down payments are available. However, these mortgages come with steep interest payments and penalties for defaulting.

Principal

  Many mortgages last for 30 years. Buyers can apply for five and fifteen-year loans as well, but the most...

How Climate Change Is Affecting Real Estate

How Climate Change Is Affecting Real Estate

Climate Change Is Affecting The Real Estate Industry

The latest climate change report has many homeowners asking questions about the effect it will have on their home values. People want to know if real estate markets will be affected by the physical impacts of global warming. And if so, how will the insurance industry change its models and rates to adjust?

Most economists and real estate experts agree that this is an extremely important economic issue! We have experienced rising sea levels, stronger and more frequent storms that are affecting coastlines, and increased drought and forest fires threatening mountainous areas. These climate changes have already affected real estate values and insurance rates just about everywhere.

The Risks To The Real Estate Industry Are Real

Two UC Berkeley researchers did a study in 2008 that revealed the biggest economic threat associated with climate change, is California’s real estate and insurance industries. The story is the same in many states across the country.

Lower lying coastal areas, like those along the Gulf Coast, are particularly vulnerable to sea-level changes and susceptible to stronger storms. Those risks reflect heavily on rising insurance premiums. Experts have projected that factors such as weather patterns, higher sea levels, coastal...