* Choose the type of financing that best suits your needs: Although ARM's have been popular in the past, most people in today's economy will choose a 30 Fixed Rate Loan due to the low rates currently available with "No" future risk of fluctuating rates. Most conventional and government loans do not have prepayment penalties if the loan is paid off early due to sale or refinance.
* Know your buying power: You need to have a good idea of where you are at financially, and that includes knowing about your finances and understanding your FICO score and where you stand. Your current income and debts will determine the amount of the monthly payment you can qualify for.
* Figure out a price strategy. Know how much money you have to invest for your down payment and closing costs. Most conventional loans require 10% of the purchase price down, FHA requires 3.5%. Closing costs and prepaids (taxes, insurance, interest) will also be due at closing and will cost approximately 3% to 4% of the sales price. These items can be paid by the seller if negotiated in your original offer. Down payments can be in the form of, checking or savings accounts, gifted, or borrowed against secured investments (credit card advances are not acceptable). All sources for down payments and closing cost must be verifiable.
* Choose Wisely. It is extremely important to choose a qualified experienced mortgage professional to help you determine what price range best suits your current and future financial goals. Ask questions and seek to find your comfort zone with your mortgage partner. Click the link below to apply now and you will be contacted by a mortgage professional within 24 hours. Contact me? Simply Click Here.
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