Found 2 blog entries tagged as Staten Island Home Mortgage Tips.

When you have been researching your different options for a mortgage on your home, you might have heard of an “Interest Only Mortgage”. What exactly does this type of mortgage mean and how does it work?

Usually when you take out a loan, you must pay back the capital debt (the amount you borrowed) and the interest on that debt. An interest-only mortgage offers a cheaper option for purchasing a property, because you will only be making payments on the interest and not the capital. Compared to a repayment style mortgage where you are paying down the principle of the loan, an interest-only mortgage will have much lower monthly payments.

However, when you reach the end of the mortgage term with an interest-only mortgage, you will not have paid off any of…

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When it comes to buying their first Staten Island home, many people are unaware of the basic facts of how their mortgage works. A survey by Zillow indicated that more than one third of potential first time homebuyers don’t understand the most fundamental details about their mortgages. This lack of understanding could cost you thousands of dollars, so make sure that you understand your mortgage before you make a serious financial commitment.

Here are a few of the important things that many people don’t know about mortgages and how they work:

Mortgage Rates Can Vary Depending on the Day

Did you know that mortgage rates can change daily? Simply by monitoring the changes in these rates, you could enjoy the benefit of saving a lot of money. Even a…

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