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Evaluating Mortgages

15 or 30 Year Terms

After you've decided which type of mortgage - fixed or adjustable - you also need to make another important choice - typically between a 15-year and a 30-year mortgage.

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Understanding Points

Points are up-front interest, and points cost you money. Lenders charge points as a way of being paid for the work and expense of processing and approving your mortgage.

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Other Lenders Fees

There is no shortage of up-front loan-processing charges for you to investigate when making mortgage comparisons. Understanding all of a lender's other fees is vital - after all, they come out of your pocket.

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Prepayment Penalties

Some mortgages come with a provision that penalizes you for paying off the loan balance faster. Such penalties can amount to as much as several percentage points of the amount of the mortgage balance that is paid off early.

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Challenges with Co-Ops

Buying and selling co-ops is not easy. Most cooperatives stipulate that individual owners can't sell or otherwise transfer their stock or proprietary leases without the express consent of either the board of directors or a majority of owners.

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