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602-300-2777 or 602-686-6989 THE BILL AND DEBBIE NELSON TEAM |
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We look forward to helping you buy or sell your Arizona home! In Gold Canyon, Apache Junction, Gilbert, Chandler or Mesa we are committed to your success! Positioned to stay ahead of the game, we are dedicated to your personal needs and will work hard to make your dreams a reality. We can show you any home - from foreclosures to mini-mansions. Give us a call! The Bill & Debbie Nelson Team Bill and Debbie Nelson, CRS,REALTORS Marsha Dorris,GRI, REALTOR Weichert Realtors - Lake Realty |
Financing Your Home >Mortgage Terms
New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.
Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.
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| Q |
According to Feng Shui, the art of home placement, what five elements are needed in a harmonious environment?
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| A |
Wood, fire, earth, metal and water must be balanced to create a happy, prosperous home. |
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