Back in the spring of 2010 my husband and I purchased a second home from my great aunt who is 86 years old. You see, my great uncle had passed away the year before and my aunt could no longer afford the home on her own. She sold it to us and we now rent it out to her which is a win/win for both parties involved.
We also own a little condo down at the Jersey Shore which we rent out on the weeks we are not there ourselves. We love that little one bedroom condo and it is our home away from home. With that said, our family has been expanding the past 2 1/2 years and now we are looking to purchase a bigger condo with 2 to 3 bedrooms so that when we go down to the shore our daughter, her fiance and our grand daughter can come along too.
We have been looking around at new vacation condos and we are liking the prices we are seeing right now. With the economy being rough, we feel we can get a good deal by purchasing now instead of later. We have been looking at Aurora Bank Mortgage to see what they have to offer in regards to us getting a new mortgage on the condo we hope to purchase and we are liking what we see.
To understand the home mortgage process we found a very informative web site online by The Federal Reserve Board that is chalk full of important information and tips. For example, we learned some tips on how to deal with mortgage lenders and some tips on what to expect from those lenders once we iniate contact with them. We also learned about our rights when dealing with lenders and they have some information on the fair lending action right on their web site.
Did you know that a lender can not discriminate against you regarding your race, sex, national origin or other prohibited factors? I knew that but it was nice to be reminded about that! They also have information on their web site that if you “feel” that you have been discriminated against they tell you how and where to file a complaint. You might not need that information right now, but it is nice to know that it’s there incase you do need it later on.
My husband and I are really looking forward to selling our current little condo and purchasing a bigger one that our entire family can enjoy. We hope to retire within 10 years and then move into the new condo on a fulltime basis and live out our remainding years down at the beautiful Jersey Shore.
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