Avoiding Financial Stress (Tips for Buyers)

Dated: December 28 2019

Views: 12

By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.

It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary.

Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it.

Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:

  • What type of market are you in? Are the interest rates falling or rising?
  • Do you want a fixed mortgage rate, where you will always know what your payment is going to be?
  • What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?
Blog author image

Carlos Credle

My name is Carlos Credle and I'm Mr. Everything Real Estate. I’ve been selling and negotiating most of my life. At age 11, I was credited with the purchase of my first home, when I convinced my pare....

Latest Blog Posts

Documenting Your Assets - Verifying Your Down Payment (Mortgage Information)

When buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from.

Read More

Which ARM is the Best Alternative? (Mortgage Information)

How would you like a mortgage loan where you did not have to make the whole payment if you did not want to? Or would you like a loan with an interest rate about 1% below a thirty-year fixed rate

Read More

Mello-Roos (Homeowner Information)

In purchasing your new home, your future monthly payments will be made up of principal, interest, real property taxes, and insurance. But what is the tax for the Community Facilities District,

Read More

Why Do You Need Title Insurance? (Title and Escrow)

Title Insurance.It’s a term we hear and see frequently - we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you&rsquo

Read More