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Tempe Mortgage Law Lawyers, AZ

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Mortgages Explained

In Tempe, Arizona, a mortgage is a loan given to buy a specific piece of property - usually a house - with the property being purchased with the loan serving as collateral for that same loan.

Taking out a mortgage and buying a house is not a decision to make lightly. However, mortgages serve some very useful purposes. Because houses are so expensive, it's impossible for most people to buy them by paying the full price upfront. A mortgage ensures that the seller gets paid immediately, and that the buyer is able to pay the purchase price over a long period of time, in manageable installments.

Buying anything on credit creates additional costs. Because lenders make their money by charging interest on loans, borrowers end up paying far more than the purchase price when they buy a house (or anything else) on credit.

But several home buyers think that a mortgage is worth the extra cost it imposes. After all, it wouldn't be possible for most people to buy homes if they had to pay for the whole thing up front.

Getting a Mortgage in Tempe, Arizona

If you want to get a mortgage in Tempe, Arizona, it's essential that you have a well-established history of good credit. Credit ratings are used by lenders to estimate how risky a prospect a borrower is. If you have good credit, you'll have a much better shot at getting a mortgage with a reasonably low interest rate. If you have bad credit, you might be unable to get a loan at all, and if you do, the interest rate will be much higher, to account for the higher risk.

Most lenders will require you to provide a down-payment before they issue a mortgage. This is a certain percentage of the purchase price that you have to pay upfront. When considering buying a house, you should ensure that you have enough money saved up to more than cover the down payment, so making it doesn't put a huge strain on your finances.

Another necessary factor is having a good understanding of your own finances. This is less common than you might think. You should make sure that the purchase price of the home, and the resulting mortgage payments (along with property taxes, fees, and inevitable repair costs) are well within your budget. If they aren't, you should opt for a cheaper house, or wait until you have a higher income.

When you have researched the issues thoroughly, the time to finalize the mortgage agreement. When this happens, the deal is pretty much final, and cannot be undone. Therefore, you should make sure you know exactly what you're getting into before you reach this point.

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Can a Tempe, Arizona Real Estate Attorney help?

Because of the gravity of the decision to buy a house, and the complexity of some of the issues involved, it is never a bad idea to seek the help of a Tempe, Arizona real estate attorney if you have any questions whatsoever.

290 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Tempe

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Life in Tempe

Tempe is located in Maricopa County in Arizona.  It has a population of about 175,000 and was incorporated in the year 1894.  Its name comes from the "Vale of Tempe" located in Greece.  Tempe is known for being the headquarters for several prominent corporations.

The economy of Tempe is comprised mainly of large corporations which have their headquarters in the city.  For example, companies such as U.S. Airways and Insight Enterprises have their executive headquarters in Tempe.  Cold Stone Creamery, a popular ice cream franchise, was originally located in the city.  In addition, Tempe is home to Arizona State University at Tempe, where the Insight Bowl is held every year.

Residents of Tempe enjoy great performance in the arts at the Gammage Auditorium and the Tempe Center for the Arts.  Also, visitors frequently enjoy shopping in Tempe's retail district, located at Mills Avenue and at Arizona Mills, one of the largest shopping malls in the state.  The Tempe Marketplace is where you can go for excellent outdoor festivals and concerts.

Lawyers in Tempe, Arizona typically file legal claims at the Tempe Municipal Court.  The municipal court handles a wide range of legal issues and ordinance violations.  Tempe lawyers also participate in a variety of exciting civic and community service events. 

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