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Many home buyers confused about mortgage terms Atlanta, GA

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Many home buyers confused about mortgage terms

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A recent survey by the popular real estate site Zillow found that about one-third of the time, homebuyers have incorrect information about how to choose a mortgage and what the different terms or a mortgage agreement are. For example, many people don’t know that APR stands for annual percentage rate. Another example is the availability of mortgages with varying levels of down payments. 31 percent of people buying homes are under the false impression that it is impossible to get a mortgage that requires a down-payment of less than five percent.

The terms of a mortgage agreement are incredibly important and can be the difference between a successful home buying experience and one that ends in financial strife and a foreclosure or short sale.

While banks are now required by law to provide better disclosures and clearer langauge on mortgages, along with more consumer-friendly terms to the contract, there are still many ways that buyers can end up in trouble down the line. 

“All too often buyers focus on negotiating a lower home price and ignore the importance of finding the right loan,” said a spokesperson for Zillow. 

Breezing past loan terms might mean having strict terms for what constitutes a default on the loan, leading to penalties and possible foreclosure quicker than homeowners realize. Neglecting to shop around can also mean taking an interest rate or a payment schedule that is difficult to make becuase of the mistaken belief that all banks will offer the same thing. The truth is the banks will offer very different loan terms depending on a variety of factors, and potential borrowers who are approached with a loan offer that they are not certain will work for them financially should keep searching for a better fit. 

Source: CNN, “Homebuyers clueless about mortgages,“Les Christie, May 9, 2013.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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