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Know the Facts
Make sure you arm yourself with all of the issues involved. Knowing the facts will help you avoid some of the common mistakes that homebuyers encounter.
Things You Must Know Before You Sign on the Dotted Line
Knowing these facts can make your payments work to your advantage.
- Get pre-approval before you shop for a house: This is such an easy process. It doesn’t cost anything. You are not obligated to anything. It puts you in the driving seat because you know how much house you can afford and you have a lender backing you with the money. Sellers are very interested in buyers that have been pre-approved.
- Know the amount of payment you are comfortable paying: Know how much you qualify to pay on a house with your lender. You might be able to pay more or less than you are willing to pay monthly.
- Think about your long-term goal then determine the kind of mortgage that best suits you: Ask yourself certain questions before you make a commitment to a mortgage payment. For example, how long are you going to want to live in this house, what is the interest rate and are you about to be laid off of your job?
- Know what prepayment privileges and payment options are available to you: Frequent payments can carve years off your mortgage total. Try to structure your payments so that you can shorten the amount of time you will be paying for your house. This helps cut the amount of interest that you will have to pay also. Also, ask your lender if prepayments are acceptable on your loan so that you will not be penalized for doing so. These two methods of payment can remove years from your mortgage, and save you tons of money.
- Check to see if your mortgage is portable or assumable: A portable mortgage is one that you can carry with you to the next house that you purchase and it helps you avoid penalties. You will not have to go through the entire mortgage process again on your next house. If you are going to move up, however, to a larger more expensive house, you will have to go through the mortgage process again. An assumable mortgage is the one where the buyer of your house can take over when you move to your next house. This is a very powerful tool in the negotiating process. This makes it easier and more desirable for a buyer to buy your house. It can also save you from penalties.
- Consult a Mortgage Expert: Deal with a professional who specializes in mortgages. Seeking their services makes a big difference in the cost of the mortgage you get.
If you are the market of buying or selling a home give the Striegel Team a call at (972) 899.0634 and talk to one of our team members today.