Before you embark on the home buying process, it is important to be pre-approved for a mortgage. We can refer you to a trusted mortgage broker and assist you with the process of selecting a mortgage, which may be one of the most important financial decisions you will make. Because you will likely be paying off this debt for several years, small differences can go a long way in making big variations in your monthly payments.
In order to choose the right type of mortgage you should review your current financial situation, future goals, and ask yourself the following questions:
▪ Is your income projected to remain stable or increase?
▪ How much do you have for a down payment?
▪ What amount of monthly payment can you afford?
▪ How long do you plan on staying in the house or with the loan?
▪ Do you intend to make extra principal payments?
Other considerations include current mortgage rates (which are constantly fluctuating), type of mortgage, presence of pre-payment penalties, low or high down payment, mortgage insurance requirements, and payment schedule. It’s also important to determine your credit score and debt-to-income ratio as they can greatly affect the type of loan you are able to get. Choosing a mortgage can be an extremely daunting task, but we will assist you every step of the way to ensure you choose the best mortgage program for your individual needs.
This mortgage calculator is a helpful tool, and if you have more questions regarding financing and current mortgage rates please contact us.