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Here are some mortgage tips that can help you obtain a mortgage with less
hassle, and at a lower overall cost:
- Determine how large a mortgage you can afford. Based on your income and any long term debt, know the maximum payments you can be certain of making comfortably. Home loans are serious business, and
taking on a larger mortgage than you can comfortably afford can build a mountain of debt.
Make sure you can make your payments comfortably; it shouldn’t be a burden. Locate a mortgage calculator online that allows you to enter
your income and it will tell you how much mortgage you can afford. Here is one
site that has several helpful calculators:
http://www.mortgage-calc.com/
- Make a budget. Do you know where your money goes? How much is spent on
unnecessary things? How much are your utility bills? If you are buying a larger
home, the utilities will most likely go up. Will you be able to make payments on
time and pay the larger bills? Does the home you are considering require repairs
or upgrades? This tip recommends you figure these things into a budget to avoid
overspending.
Here are some budgeting calculators that can help you plan:
http://www.betterbudgeting.com/budgetingtools.htm
- Gather documentation. You will be required to show quite a bit of documentation before you mortgage is approved such as IRS
returns for past years, W-2’s, proof of current salary, assets, debts, records
regarding child support or alimony and the like.
- Become educated about
mortgage types and rates. If you know the meaning of the
mortgage “lingo”, the types of loans available and what the current rates are, you will be in a much better position to negotiate your home loan.
Start studying your options well before you plan to buy!
- Consider a shorter loan term, like a
15 year loan for
example. The goal is to pay off the home mortgage in the least time possible while allowing enough money to live comfortably.
You can save tens of thousands of dollars in interest payments!
- Don’t forget you will have to pay closing costs. Many people forget to include
these costs into their plans and end up coming up short. Find how much to expect from your broker or real estate agent.
- Apply for about 3 or 4 loans. Don't apply for a dozen or more loans since
each application requires a credit check which can lower your credit score.
We hope these tips have helped you on the road to making your mortgage experience easier and
less costly. Learn all you can before applying for a loan.
