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Purchasing A Home
The first step is to figure out the
amount that you are qualified to borrow, and
determine the options available to you. This will
increase your borrowing power. There are many
Lenders that have programs that allow you to put
little or no money down depending on your credit
history and loan amount.
Complete the online form and we find the Lenders
that will pre approve you based on the information
you provide. If you have not begun to look for a
home, you can estimate the property value. This will
at least give you a starting point.
Once you complete the online form, the lenders that
fit your criteria will contact you to make their
bestloan offers. They will also discuss the lending
options that are available to you.
The down payment
This is the amount of money you have available to
put a down payment on the house you want to
purchase. Depending on your credit history, you may
qualify for a loan program that requires 0% down.
Don't forget to budget for
closing costs
There are other costs beside your down payment
associated with purchasing a home. You have to take
into consideration closing costs. Some additional
fees associated with closing costs are points,
lender's fees, title charges, escrows for your
property taxes and home owners insurance. Many loan
programs allow the seller to contribute up to 6% of
the sales price to your closing costs.
What monthly payment is comfortable
for you
Just because you qualify for a certain loan amount
doesn't mean you are required to use the maximum
financing available to you. Along with the mortgage
payment, property taxes, homeowner insurance and all
of your monthly liabilities don't forget to budget
for thing you like to do. Vacations, entertainment,
future college tuition etc. also cost money and you
do not want to deprive yourself. You do not want
overextend your budget and work solely to make your
mortgage payment.
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