These tips are to help assist you in evaluating which mortgage is best for you. For further details on each of these guidelines, please call our hotline at
1-800-284-0913 x 5078.
1. First Things First -- Know What You Can Afford.
You can save yourself a lot of time and trouble if you take a few minutes to figure out the loan amount you can afford.
2. Avoid Unpleasant Surprises.
Once you know about any potential porblems, you can work on clearing them up before you apply.
3. Shopping for a Mortgage Lender.
Something also to remember- a mortgage broker is the legal agent of his or her client and does not work for the lending institution.
4. What a REALTOR Can Do For You.
A good real estate professional has long-standing relationships with home mortgage professionals and can point you in the right direction to answer any questions you have.
5. Which Loan Is Right For You?
With Adjustable-Rate Mortgages, ALWAYS assume the "worst case" scenario: Assume that your loan will always rise the maximum amount.
Fixed-rate mortgages make the most sense when interest rates are low and if you're planning to stay put for the next seven or more years.
Graduated-payment mortgages are more of a risk. Your early payments are so low that they don't cover the interest due, which results in negative amortization.
If you're a first-time homebuyer who plans to trade up before the loan comes due, you might ask your REALTOR about a balloon mortgage.
"The smart buyer makes sure to know exactly how much he or she can afford to borrow before beginning to look at homes."
For more information on selling or purchasing a home, feel free to call the hotline: 1-800-284-0913 x 5078
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