Canton, MI – Changes in the real estate and mortgage industry have brought about many new financing programs for homeowners. First-
Real estate experts and mortgage specialists came together to speak at a recent workshop for new homebuyers in Canton. Mark Goedert has been in the real estate industry for over 50 years; he provided information about home financing and mortgage terms, income tax incentives and first-time homebuyer programs.
One person asked about long-term financing versus short-term financing. Mark answered, “Some people will choose a shorter loan term to save on the amount of interest paid over the life of the loan; with a shorter term, monthly payments will be higher. In some cases, the buyer cannot qualify for a mortgage that requires the higher monthly payment; therefore, they need to finance their home with a longer term mortgage to have a lower monthly payment.”
Mark explained how one can make additional principle payments on the longer term mortgage plan, “Most lenders allow you to pay extra principal payments without a pre-payment penalty; be sure to ask if your mortgage allows early pay-off without penalty. Many lenders encourage the bi-weekly mortgage payment plan where they withdraw the funds from your bank account in the amount of ½ a payment every two weeks. This adds up to one additional mortgage payment per year to dramatically shorten the loan term and reduce the total interest paid on the loan.”
Mark Goedert of Goedert Real Estate provides information to home buyers and investors as well as affordable home listings and search tools to help with the process. Use the mortgage calculator to determine your monthly payment. Visit http://www.under100000realestate.com/
Contact:
Mark Goedert
1324 N. Main
Adrian, MI 49221
517-403-1603
markgoedert@
This press release was submitted by Right Now Marketing Group, LLC
