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Buyers Beware Of Some Agents Tricks
Have you seen the following advertisement?
$10,000 CASH BACK ON PURCHASE
Basically, this is done through the Lender where your interest rate and monthly payments are increased or your overall mortgage amortization can be increased to lower the payments. But you are still paying for the $10,000.00. This can be a good financing option in certain circumstances, but is it best for you?
NEW 100% FINANCING
This is an exciting new financing program where no money down is required. However, you still must qualify and have a mortgage term of 3 to 5 years where you're locked in.
Now this can be great for those individuals with high incomes with no down payment or for a first time buyer to get into the marketplace. But in most cases, you are really maxing out your monthly payments - which in turn, affects your current lifestyle and only you know for sure if this is best for you.
In Fact...The mortgage broker I use, finds that most people decide against this option after all monthly costs are calculated.
ALL LEGAL FEES PAID FOR YOU
(includes land transfer tax)
Once again, this is done through the Lender where the cost of these fees are added into the mortgage.
So who is really paying these fees? And when they are added into your payments, how expensive are the lawyer's fees?
POWER OF SALE -
BANK FORECLOSURES
Some agents advertise for you, a list of bank foreclosures that sound like great deals. Where in fact the home is usually in dire need of repair. After you factor in the cost of renovations - are you really getting a deal? And when the market is setting record sales volumes like it is currently, there really isn't that many power of sales available.
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Next Page - My Declaration to Buyers
