Chapter 15
Finding the Money: Mortgages
IN THIS CHAPTER
Understanding how real estate mortgages work
Finding where to borrow money to buy real estate
Checking out lenders’ considerations for making loans
Discovering different mortgages and how they’re paid back
Looking at consumer protection laws
It’s no secret that most people don’t buy property for cash. They borrow money from banks, savings and loan associations, and other lending institutions so they can buy a home or investment property now rather than waiting to save up the money. Even the governmnet helps by allowing a certain amount of the interest on a real estate loan to be deducted when filing your income taxes. Part of a real estate agent’s work deals with advising buyers where they may be able to borrow money to buy property. Because of all the various types of mortgages and repayment plans, real estate agents also need to be familiar with the idea that when it comes to mortgage money, one size does not fit all. Although ...
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