Home Buying Costs You Need to Know About
Its easy to get caught up in the excitement of purchasing your own home. Keep in mind that there are costs related to most home purchases that are not often thought about, and that these costs might alter your maximum affordable price. So its good to keep them in mind when you are working out your budget.
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Mortgage Preapproval
Shopping for a new home can often be a confusing process for homebuyers, especially when you are unsure of what you can afford. Obtaining a pre-approval is one of the easiest ways to eliminate confusion. It lets you know exactly how much you can afford and allows you to shop with confidence.
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Figuring out Which Home is Right for You
Your home will likely be the biggest purchase you ever make, and with so much at stake, it is crucial to have knowledgeable professionals advising you along the way. A mortgage broker and a REALTOR can guide you through the successful search and purchase of a home.
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Overview of the Home Buying Process
Youve found your dream home and are pre-approved for a mortgage with a good rate and flexible terms all done, right? Not quite. There are several steps left to secure and protect both your mortgage and your property.
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Mortgage Terminology You Should be Familiar With
Wondering what amortization is? Not sure what equity means? Making sense of home financing terminology can be difficult.
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How Much is My Monthly Mortgage Payment
Your mortgage broker will sit down with you to review your financial picture, including your sources of income, debt service ratios, your creditworthiness, and your downpayment. They can help you determine how much you qualify to borrow, what your monthly payment is, as well as help you decide how much you actually feel comfortable borrowing.
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Open or Closed Mortgage? Fixed or Variable Rate?
Each type of mortgage has slightly different features which appeal to different people. While an open mortgage gives you the flexibility of making extra payments or paying off the mortgage completely, a closed mortgage has a lower interest rate. Some people may take comfort in knowing that the interest rate will not increase during the term of a fixed mortgage, but others may accept fluctuations in their variable rate mortgage in exchange for potential long term savings or the chance to pay their mortgage faster. The right mortgage for you is the one that best matches your overall comfort level and fits with your income and lifestyle.
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Mortgage Features & Options You Should Know About
A mortgage is a mortgage, right? Wrong. You may want a flexible payment feature which allows you to make an extra payment or skip a payment. Or maybe you consider portability important when you sell and want to transfer your mortgage to the new purchase. Want to prepay your mortgage? A mortgage broker will thoroughly analyze your needs and help you find the mortgage that is right for you.
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Other Types of Mortgages
There are many different types of mortgages available. Before you choose, contact a mortgage broker to help you determine what type of mortgage you require and what the options are.
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6 Key Questions to Ask When You’re Shopping for a Mortgage
When youre entering the world of real estate and buying and selling property, you want a professional who puts your best interests first. As a licensed professional, a mortgage broker is there to answer all your questions, provide options and assist you in picking a mortgage product that best suits your needs.
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Managing the Total Cost of Home Ownership
Working with a team of professionals, a REALTOR can help you save money on the purchase of your new home, while a mortgage broker can help you save money over the life of your mortgage.
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Money Saving Tip – Prepayment
Any extra payments you make, whether monthly or annually, will significantly reduce your interest cost over the life of the mortgage and you will become mortgage free sooner!
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