First time home-buyers and those that haven't had a mortgage are definitely stepping into some new territory when it comes to this subject. A lot of due diligence and research should be done when deciding on which type of mortgage one will choose, down to which company.
Having a home mortgage versus renting boils down to a few different points:
*Exchanging rent for a mortgage payment
*Swapping renter's insurance for homeowner's insurance
*Increasing utility bills (usually because a home/property costs more than apartments/condos)
*Taking on property tax & maintenance
On the flip side:
*Owning your own home allows you to build equity in the property
*Freedom of home ownership
*Pride in home ownership
*Building your future
With that being said, here a just a couple points to consider once you have to deciding to take on a mortgage. 1) Lock in mortgage rates as soon as possible, according to Bank Rate, Int. Positive economic news tends to push interest rates higher. Failing to lock in before rates pick up, could cost you thousands in interest over the life span of your loan. 2) Conditional approval--get this set in place to give yourself an edge over other buyers out there. It takes the pre-approval process a step further by allowing the lender to review and vet your financial documents, income, employment and has approved your loan before you find the perfect home. Conditional approvals can potentially be used as bargaining power (ultimately saving some money) when dealing on that new home!!!
Just a little info to pass on; happy house hunting......Tisa Lee Peek, Hometown Realty, Inc
Author:Tisa Peek Phone: 701-214-1188 Dated: September 26th 2018 Views: 267 About Tisa: Tisa has been in sales for sometime and comes to you with a passion for helping the client! She is o...
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