Starting out with a Low Monthly Mortgage Payment...

By
Mortgage and Lending with and for 1st Time Buyers, Move Up Buyers & Investors 207897nmls# DOC#207897
http://actvra.in/4qlw

Steps You Can Take to Help Ensure You Start out with a Low Monthly Mortgage Payment

 

 

Buying a Home? 4 Steps You Can Take to Ensure You Start out with a Low Monthly Mortgage PaymentAre you thinking about buying a new house or condo? If so, you’ve likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home.

Below we’ll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment.

Make A Large Down Payment On Your Home

The easiest way to reduce your monthly payment is to invest as much as possible in your down payment. The less you have to borrow, the less you’ll be required to pay back.

If you can put a sizeable amount down on your home you’ll find that your monthly payments are going to be very manageable. You’ll also save a lot of money in interest.

Maintain A High Credit Score

When a lender assesses your financial history they’ll take an in-depth look at your credit score in order to determine how much risk you present to them. If you’ve kept a clean credit rating and have a high score, it’s likely that you will qualify for a lower interest rate than someone with a lower credit score – even if you both have the same monthly income.

Buy A Smaller, More Efficient Home

When you’ve made your short list of homes and you’re scheduling your viewings, ask yourself – do you need a home this big, or this expensive? If you can do with a smaller, more efficient home you can reduce the amount of mortgage financing that you require and this will in turn reduce the amount that you need to pay each month.

Consider A Longer Mortgage Term

Finally, if you need to reduce your monthly payment at any cost you can stretch out your mortgage repayment period by a few years. Note that while this can reduce your payment amount it will actually increase the total amount that you end up paying back as you’ll pay more in interest.

While the above are general tips for reducing your mortgage payment, it’s likely that there are other strategies that are unique to your financial situation. Contact your local mortgage professionals at The Mark Taylor Team at your convenience and we will be able to share insights that are relevant to your income, your credit and the price range you’re looking to buy into.  The Mark Taylor Team can be reached at 602.361.0707 or by email at taylorteam@amerifirst.us

Thanks for taking the time to read, comment and re-post today's blog on:

Steps You Can Take to Help Ensure You Start out with a Low Monthly Mortgage Payment

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Arizona
Groups:
Arizona Real Estate
All About Mortgages/Mortgage Networking
Arizona Homes
AZ Real Estate Blogging Network
ActiveRain Rockstars
Tags:
az
ca
fha
investor
usda
mortgage loans
jumbo
arizona mortgage
conventional
hud
va
mark taylor
harp 20
marktaylor
themortgagemoment awesomerates
arizonamortgage

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,367,907

Mark Taylor Mortgages

602-361-0707 #MarkTaylor #Awesomerates NMLS#207897
Need a Mortgage Rate Quote?
*
*
*
*
Spam prevention

Additional Information