The first thing I recommend to all of my Homebuyers is to have an in depth consultation with a reliable Mortgage Consultant. It is crucial that every homebuyer sets a mortgage game plan a side before the start of their home hunt with their agent. You probably already know the city, number of bedrooms, and layout of the house you have in mind so why not prepare your financial outline with the same due dilligence?
Can You Do It?
We have all heard about the rise in delinquencies and foreclosures in the real estate market all over the country. The much reason for this occurrence is that borrowers who took out the interest-only or negative-amortization loans are now stuck with much higher payments because they did not think a head.
So, if you can not handle an adjusted rate mortgage, remember you are in charge, tell your lender; no thank you.
Can You Afford It?
You set up your housing budget, not your lender. The lenders will usually document your approval at the highest possible loan amount for which you qualify. One reason for this is that they will make more money if you borrow more money. Both life and being a homeowner have unexpected expenses which need to be taken into consideration as you place a dollar amount on your mortgage amount.
Now, after you have examined the complexities and risks of a home mortage and discussed them with a mortgage professional, get together with your real estate consultant and begin your home search with greater confidence and peace of mind.
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