Here are 8 financing tips:

  1. Don't Stretch Your Loan Qualification Limits to Buy a Home Beyond Your Budget

    Living poor just to own a bigger or better home, makes for larger mortgage payments and risks difficulties in the future.

  2. Get a Written Confirmation of Your Locked-In Interest Rate and Interest Rate Terms

  3. Understand All the Conditions of Your Loan

    You or a professional that you trust should thoroughly scrutinize each document.

  4. Understand the Unique Terms of Your Loan

    There are many types of mortgage loans out there. Make sure you understand the details of your particular type of loan.

  5. Pick the Right Kind of Loan

    Rates are higher on 30 year loans than on comparable 15 year loans. That's because there is a greater risk that rates will go up the longer the lender commits to a fixed rate.

  6. If You're Buying Rather Than Refinancing, Consider Getting a Pre-approved Mortgage or Contingent Loan Approval Letter

    The former is a binding commitment for a loan up to a certain amount. It can strengthen your negotiating position with the seller, but it puts pressure on you to close a deal before the loan commitment expires.

  7. Save Everything

    Keep copies of everything you send the lender and everything the lender sends you.

  8. Take Advantage of the Deduction

    The mortgage interest deduction is one of the few remaining tax deductible interest payments, and it's also the cheapest form of long term financing.

 

 

Best Choice Real Estate Services
133 Turnpike St, South Easton, MA 02375
Phone Direct: (508) 941-6972

Lew Corcoran - Licensed Real Estate Professional

Are you looking to buy or sell a home in Southeastern Massachusetts?

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Post is included in group: Consumer Mortgage Tips

1 Comments on 8 Financing Tips

DEC
24
2007
 Great tips!  If everyone who bought in the last three years had done this, we wouldn't be in a mortgage crisis today.
2:32pm • #1

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Lew1b Rainmaker_large

Lew Corcoran

Easton, MA

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Best Choice Real Estate Services

Address: Easton, MA, 02375

Office Phone: (800) 984-3341

Cell Phone: (508) 846-2552

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As always, your referrals are greatly appreciated. When you recommend someone you know to me for advice, you can be assured that they will receive Honest, Courteous and Professional service which is what you would expect from me. Lew Corcoran



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