Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home.

There are many things that you have to conceder when looking for a home, the right size, right neighborhood, color and affordability. Your monthly payment trumps all when selecting a home.

Here is what consists of monthly mortgage payment:

•1. Principle & Interest

•2. Taxes on the property

•3. Mortgage Insurance... If down payment is less that 20% of purchase price

•4. Homeowners insurance

Did you know if you choose to include your taxes and insurance lenders calculate your monthly payment they will take the annual taxes and homeowners insurance and in some case MI (mortgage insurance) and break it up into 12 payments per year. If you do NOT escrow the payment you would be responsible to pay your taxes quarterly and the homeowners insurance annually.

When purchasing your home, here is what you can expect throughout the loan process once your sales contract has been accepted by the sellers.

•1. Pre Approval

•2. Hire real-estate attorney

•3. Home Inspection ("out of pocket cost" $ 300- $500) Not required by lender

•4. Complete Loan application

•5. Appraisal on home ("out of pocket" cost $ 300-$500)

•6. Under written by lender

•7. Loan Commitment, loan Approval

•8. Title Insurance

•9. Survey on property

•10. Homeowners Insurance ("out of pocket cost" 1 year up front, one week prior to closing)

Getting pre approved is your first step to owning your home. CALL NOW...

I am open for any questions.  allamas@westtownsb.com

 

 

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08/06/2011
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Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home. There are many things that you have to conceder when looking for a home, the right size, right… more
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Mortgage Home-Get Pre Approved
06/15/2011
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As an 11 year veteran in the mortgage industry my goal is to help first time borrowers mediate through the process as quickly and painlessly as possible by educating clients on what to expect step by step in the loan process. I educate clients on… more
 
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ANTONIO LLAMAS,PRE-APPROVED,MORTGAGE,NJ,NY,PA,CT

Morristown, NJ

More about me…

Bergen,Essex,Passaic,Hudson,Brooklyn,Queens,Manahattan,LI,SI

Address: 198 Route 9 North, SUTE 206, MANALAPAN, NJ, 07726

Office Phone: (973) 460-4687

Email Me



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