Russ Whitney is one of famous real estate investor and a good leader in the investment-training field. He is also the bestselling author of Millionaire Real Estate Mentor and The Millionaire Real Estate Mindset. Now we can see the basic Mortgage rules of Russ Whitney.
Basically mortgage is a loan to buy a property and the process of securing a mortgage means lender approval based on your income, credit rating and other debt.
A debt instrument protected by the collateral of exact real estate property, that the borrower is obliged to pay back with a prearranged set of expenditure.
Select the Right Interest Rate
The interest rate at which you choose to pay off your mortgage varies from permanent, whereby the rate will NOT alter for the term of the mortgage, and is usually a bit higher but measured more stable.
Find a Mortgage Can Afford
Try to choose the mortgage which you can afford and try to test what you can afford mortgage-wise is that your whole monthly debt load should be less than 40% of your gross monthly income.
Identify Fixed Costs
Before you decide what you can spend on a mortgage it’s very important to take stock of your habits and your true fixed costs. Be honest with yourself when putting together your household budget, then along with your student debt and car payments, consider that a fixed cost.
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