Find The Best Financing
Make Sure You Get The Best Financing For Your New Home.
We know, looking at financing can be daunting; but it doesn't need to be; The best time to start thinking about your new home's finance is before you start looking for one. There's a lot to consider for most house purchasers! Many aspects go into determining the best financing for your house. The price of your new house, current interest rates, the down payment you wish to make, the length of the mortgage, alternative sources of financing, and your credit history are all common factors to consider.
These are frequent criteria, however, mortgage insurance, title insurance, bridge loans, and other financial instruments are sometimes included in financing considerations.
How Much Can I Afford?
You want to be able to afford the new home you're purchasing and a general rule of thumb would be spending no more than 28% of your monthly gross income for your payment.
Current Interest Rate
Your interest rate on your mortgage is the percentage the lender charges you for letting you borrow the money. Some large factors in scoring a great interest rate will be your credit score and the amount your loan is compared to the worth of your new home.
Length Of Mortgage
When deciding things on mortgage length there are two common options, a 30-year mortgage or a 15-year mortgage. With a 15 year, you won't be paying as much in the long term but your payment will be higher and with a 30 year you can expect a lower monthly payment and pay more in interest over the years.
Types of Loans
There are many different types of home loans although the most popular are; Conventional, Jumbo, Government-Insured Loans, Fixed-rate mortgages, and Adjustable-rate mortgages. If you need help with these ask your agent of choice for assistance.
Let Us Guide You Home.
Click the link below or call to set up a meeting at 217-735-5424.