Central Business District, New York
36 West Main Street, Suite #110
Rochester, NY 14614

Mortgage Basics Explained: Legal Services & More August 24, 2016

Central Business District, Rochester
Mortgage Basics Explained: Legal Services & More, Rochester, New York

Securing a mortgage is one of the most daunting aspects of buying a home, especially if it is your first one. With a seemingly endless contract populated by nearly impenetrable lingo, it can be difficult to tell what you're signing, let alone what your payments will be like in five years. Fortunately, Steve Butcher Sr., Esq., a real estate attorney providing legal services to residents throughout the Rochester area, is here to explain a few mortgage basics many people find confusing.

Fixed Vs. Variable Rates

legal servicesA fixed-rate loan is among the simplest financial products available, offering predictable payments with no unpleasant surprises. Variable rate mortgages, on the other hand, have interest rates that change periodically, with some schedules that can be extremely complicated. Which is right for you will depend on a variety of factors, including interest rates, the housing market where you are, and your risk tolerance.

The Amortization Schedule

This often-misunderstood document shows the full cost of the house, including your closing costs and interest, so it pays to compare these figures when you've got multiple options. Over time, the interest can actually double the real cost of your home, so consult with an attorney who provides legal services in real estate to make sure you're getting the best deal.

Building Equity

The terms of your mortgage have a big impact on how long it will take you to start building equity in your house. In the beginning, the bulk of your payments will go toward interest, so you may pay for several years before significantly reducing the amount of principal you owe.

If you're buying or selling a home, you need an attorney with the knowledge and legal services to help you avoid mistakes you might regret. Visit Steve Butcher Sr., Esq. online to learn more about his legal services, or call (585) 263-2444 to schedule a consultation today.

Other Announcements, Events and Deals from Steve Butcher Sr.
When Should You Consult With a Wills & Estates Attorney?, Rochester, New York
Unless an injury or illness forces them to, it’s understandable why people rarely think about their own mortality. As a result, it’s fairly easy to postpone estate planning. Although...read more
Local Real Estate Attorney Shares Best 3 House Hunting Apps , Rochester, New York
House hunting can be an incredibly daunting task, but in this day and age there seems to be an app that makes just about anything easier. Rochester, NY’s leading real estate att...read more
Visiting Rochester With Your Property Attorney? 3 Must-See Historical Homes, Rochester, New York
Rochester is known for the historical homes peppered throughout eight different preservation districts. Purchasing one can involve red tape, so it’s important to bring your...read more
3 Crucial Questions to Ask a Real Estate Lawyer When Buying a House, Rochester, New York
If you’re looking at a particularly tricky real estate purchase, working with a seasoned real estate lawyer is of the utmost importance. There are several key factors of any real est...read more
3 Ways a Real Estate Attorney Can Help Buy or Sell a Home, Rochester, New York
Real estate transactions are among the largest, most complex transactions most people will ever undertake, involving enormous sums of money, dense contracts, and a complicated legal ...read more