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Your Mortgage Questions Answered

by Mehner Weiser Real Estate, LLC.

Does the term "amortization" leave you perplexed? Are you unsure how preapproval differs from prequalification? If so, you're not alone. Here are some mortgage basics to help you become more familiar with the process.

What's the difference between prequalification and preapproval?
Getting prequalified is often the first step when searching for a home. You supply basic financial information, such as your income, assets and debts, and the lender then provides a preliminary estimate of the amount for which you may qualify.

Preapproval involves an in-depth look at your finances and usually requires an application fee, but this process brings you closer to determining your potential interest rate and monthly payment. Being preapproved also puts you in a better position in a competitive market because it shows you have your finances in order.

What is amortization?
Amortization is the process of paying off a home loan's principal and interest over time within a consistent, planned repayment schedule. In the beginning, a large portion of each payment goes toward interest, but as the loan matures, larger amounts go toward paying down the principal.

What types of loans are there?
Fixed and adjustable rate mortgagesoperate as their respective names imply. The former has a rate that stays the same for the life of the loan. The latter's rate may start low, but it can increase after a predetermined period or depending on market conditions.

Government-guaranteed mortgages include FHA and VA loans. These are usually easier to qualify for and typically require lower down payments than other types of loans.

Preparing Your Home for an Emergency

by Mehner Weiser Real Estate, LLC.

Emergency situations such as fire, extreme weather and power outages can happen without warning. By taking the time to prepare for a possible disaster now, you and your family will be equipped to handle a crisis if one ever occurs. 

Fire Escape Route and Meeting Spot
It can take a mere five minutes for a fire to engulf your entire home. This is one reason having an escape plan is so important. Include at least two exit routes in your plan in case one is blocked, and designate a safe location for everyone in your household to meet. Identifying a secondary location outside your neighborhood is good to have in the event it's not safe to return or you're asked to evacuate.

List of Emergency Contacts
Make laminated cards with a list of important phone numbers for each family member. This might include contact information for the local authorities and emergency services as well as your nearest relatives.

Home Safety Items
Be prepared in case an emergency does occur by having these home safety items

  • Fire Extinguisher -- Keep one on each floor, and check them annually to make sure they're functioning properly.
  • First-Aid Kit -- Store it in a central location, such as the kitchen, and make sure everyone knows where it is.
  • Smoke and Carbon Monoxide Detectors -- Install detectors in each room and test them once a month. Use long-life lithium batteries to cut back on replacements.
  • Food and Water -- Put together a three-day supply of nonperishable foods and at least three gallons of water for each member of your household.

 

There's often very little time to react in a crisis. But with a little planning and prep work, you can be well-equipped and ready to respond accordingly.

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Contact Information

Photo of Mehner Weiser Real Estate, LLC Real Estate
Mehner Weiser Real Estate, LLC
RE/MAX Dynamic Properties
3350 Midtown Place
Anchorage AK 99503
Bethany (907) 223-1632
Bonnie (907) 223-0005