Understanding the basics of mortgage loans can help you to ensure that you choose the best loan for your new home. You should understand things such as interest rates and fees that are often charged on these loans.

Interest is only one of the charges that you may incur on a mortgage loan. This is the highest fee and is accrued annually. Interest rates on mortgages typically fall between 5 percent and 12 percent of the loan.

Other fees included in your mortgage loan may include fees for obtaining your credit report, application fees and any fees associated with the appraisal of the property that you are purchasing. In order for a mortgage lender to offer you a loan, you must show that the property you are purchasing is worth the amount that you are trying to borrow. All these fees are often listed together as origination fees.

Understanding your APR or Annual Percentage Rate will also help you to choose the best mortgage loan. The APR takes the base interest rate, and any other fees included, and provides a number that you can use to compare the different available loans. Fixed rate mortgage loans have an interest rate that will not increase or decrease throughout the life of your mortgage. Adjustable rate loans typically have a lower interest rate initially, although interest rates may increase every six months or so.

You need to understand that the term of your mortgage can actually add money to what you are required to pay back. For instance, a 15-year loan carries much less interest than a 30-year loan. Although the monthly mortgage payments may be lower for a 30-year loan, you will be paying twice as much interest when you extend your mortgage for 30 years. If you can afford the higher monthly payments, it is much better and less expensive to opt for a 15-year mortgage. Keep in mind that you always have to option of refinancing home loans, so if your situation changes at any point, you have options!

The actual mortgage on your home will be a piece of paper that outlines the terms of your home loan. You will sign the document and the mortgage lender will keep that document in exchange for loaning you the money to purchase your home. This piece of paper gives the mortgage company the right to take your home should you default or fail to make payments as outlined in the loan agreement.

When you receive a mortgage loan for your new home, it is crucial that you make your payments on time. Understanding these basics may help you to get a good loan with regards to interest rates and terms, but it will be your responsibility to ensure that you keep your mortgage payments current.

Cave House

Selling for only $1.5 million dollars is this 3-room cave home which boasts of 3 (and a half) bathrooms and a 2.980 square feet sprawl. It’s located in Brisbee, Arizona, and is far from the danky cave image in your heads. The ceilings and walls have a rough, robust look to them, and are constructed from mortar and natural rocks.

If you can accept the “natural” treatment done on the furnishings and the appliances, as well as the open baths, this may just be the perfect, offbeat home for you. The home’s best touches are probably its checkerboard tile floors and the clear glass surrounding the structure’s walk-in shower.

Boulder home

Cousins with the cave home is the boulder home or the Joshua Tree House built within the Joshua Tree National Park. This is the perfect home for someone who’s single and nature-savvy. Made from artificial stone, it mimics the vibe of the desertscape, its exteriors blending in with the highway right beside it, hiding the living quarters from passersby.

This is a 2-room, 2-bathroom home, selling for $975,000. Its interior, contrary to its rough exterior design, is quite elegant and modern. The small kitchen is made from high-end and stainless steel, while the floor and walls are made from fruitwood and mini-tiles.

Castle

This won’t be a list of cool homes if we don’t include a castle. Selling for $4.25 million dollars is this home found at the Hampton’s. This is a four-bedroom, four-and-a-half-bath structure, boasting medieval exteriors minus the discomfort of actually living in a dungeoned hole. Here, you can enjoy all of the amenities of a modern home while feeling like royalty.

The property covers half an acre, complete with oversized windows, limestone construct, Gothic archways, and the works. The cobblestone flooring and beamed ceiling does the finishing touches.

The cost of living is less than you will find in either New York City or San Francisco, but depending on your income, you may want to look into a roommate or into living outside of the city’s boundaries.

There is a pretty agreeable growth of jobs, however, and there is absolutely no denying the fact that the city is very culturally diverse. There is plenty of nightlife too, and the coolness factor fulfills an enviable niche.

Let’s think again about the criteria used in determining the best places for singles to live.  Certainly, Los Angeles meets quite a lot of them.  Is it cool?  Without a doubt — but it is also hot and, remember, you may have to deal with a whole lot of earthquakes (both figuratively and literally) if you live there.  The nightlife is certainly exciting, however, and it is certainly infamous.

However, the cost of living when you are by yourself can be quite high, so again, some roommates might be a good idea. Remember, we are talking about a city where stars like Cameron Diaz and George Clooney are considered the most eligible singles!

It has a single population of about thirty two percent, and unless you have been living under a rock for the past five years or so, then you know it most definitely has a rocking nightlife, not to mention plenty of opportunities to meet tons of people, not just potential dates. The job growth seems to be getting higher every year, especially thanks to the music industry, which is growing stronger in the city all the time.

It is incredibly culturally diverse as well, and centrally located enough to allow for lots of fun and excitement.

For instance, while you would be hard pressed to find a place richer in terms of culture and coolness, New York is most definitely an expensive place to live.  There is a lot of job growth there, especially if you are willing to commute to some of the out lying areas.

However, it can cost a lot to live alone there.  An alternative might be looking for roommates, or even choosing to live in the suburbs or over the bridge in New Jersey.  You will still have easy access to the city, its excitement, its nightlife, and its jobs, but you will be getting a break from the cost of living there.