Mortgages and Financing
When Buying Vero Beach Real Estate

if you're a millionaire and you paid for your Vero Beach home in cash, you may skip this section. The rest of us when buying real estate in the Vero Beach area, or any other market, needs to take out a mortgage. But do you truly understand what a mortgage is?

There are several issues you need to consider when taking out a home mortgage in Vero Beach:

• One of the first decisions you make is whether to choose a fixed-rate mortgage or adjustable-rate mortgage.

• You may think there is nothing better than paying off your mortgage as early as possible? WRONG. Read about pre-payment penalties which some lenders impose.

• You found your dream house in Vero Beach and now you're thinking about taking out an adjustable-rate mortgage (ARM)? Before you call your lender read about the risks of an A.R.M.

• Another important choice when deciding about the type of mortgage to take out is between a 15-year and a 30-year mortgage.

• You've heard about mortgage loans but have you heard about points? What are points?

• When you apply for a mortgage on your new Vero Beach real estate, there are a lot of fees to be paid. Before you chose your lender make sure you know what the junk fees are.

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