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no documentation mortgage, AK Alaskano documentation mortgage - AK Alaska: mortgages, loans of any type, refinancing, quick easy online quotes, home equity loans, See if you could save on your mortgage today. Plan to stay in your house a long time What else must I watch out for? Demands that you buy household insurance from the lender to get a special deal. Lenders get a commission from insurance firms for selling their insurance, but you can usually buy it more cheaply yourself, and the extra cost may cancel out much of the benefit of the cheaper than cheap rate. This sort of requirement probably adds 0.25 cent on average to the interest rate. WHAT IS A LOAN APR The APR on a loan reflects the true cost of a loan to you. It takes into account the loan interest rate and any additional charges making it easier to compare loans when borrowing. Also, everything is negotiable. As with all home purchases, dont hesitate to ask your agent to negotiate on price, options, and closing costs. If youre looking to make a deal on your new home, youre in a strong position if the builder has a completed house without a buyer. That vacant house isnt making a dime for him and hes likely to want to unload it as quickly as possible. If youre not in a hurry to move in, some builders will actually sell you their model and then lease it back from you. Usually youll get a great deal on a well-optioned and designed house and a guaranteed return on your investment. |