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Are You Ready to Purchase a Home?
Ready to make the plunge and purchase?
With ever changing mortgage regulations it is important to be informed about all of the factors involved when purchasing a home. Here are 5 things to keep in mind while shopping for a mortgage.
- You can and should get preapproved for a mortgage before you go looking for a home. This is an easy process that can be done with no obligation to the lender but will help you to understand what homes you can afford.
- Know what your preapproval amount is, but be comfortable with the monthly payment. You may be preapproved for more than what you really want to pay out each month.
- Think long term to determine which type of mortgage will best fit your needs. How long will you own the home? Will your income change? What direction will interest rates go? These answers will help you determine which type of mortgage to obtain.
- Understand what prepayment privileges and payment frequency options are available. Increasing the frequency of payments to bi-weekly for example can save you thousands of dollars in interest. However, not all mortgages allow for these privileges so be sure to ask.
- Consider using only a mortgage expert. Using a professional who specializes in mortgages can make a difference in cost and effectiveness.