Found 2 blog entries tagged as Staten Island Home Mortgage.

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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Getting a mortgage for your Staten Island home can be a complicated process and sometimes things can go wrong. There are certain mistakes that many homebuyers make when applying for their mortgages that can seriously damage their chances of being approved.

If you are aware of the most common mortgage issues, you will be better able to prevent them when applying for your own mortgage. Make sure that you keep the following tips in mind when applying for a mortgage:

Making Large Purchases Before Closing On The Mortgage

Many homebuyers think that they are in the clear once the mortgage deal is lined up and they go ahead and make another large purchase such as a car or home furnishings. However, it is best to hold off on all major purchases until the…

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