Now is a good time to become a homeowner. With mortgage rates at historic lows, mortgage payments can often be less than renting a house. Early buyers can qualify for a mortgage at very low rates, but it is better to work with someone who has experience.
Great mortgage rates are important, but we must also consider other factors. Variable concerning mortgages at fixed rates, terms, amortization periods, penalties, costs, and flexibility are all important elements in search of the mortgage right. Also avoid common mistakes if you are a first time home buyer.
Especially if this is your first home purchase, you must know how much you can afford before looking at houses. A qualified mortgage broker can help you look at your income, debt ratios, and other factors to help determine an amount you can afford.
Once you know your price range, you can narrow your search and avoid watching homes you cannot afford. Vendors also prefer bids that are not the conditions for financial approval. In a hot real estate market, be able to quickly build a solid offer can give you the edge over competitive offerings.
Only go to their bank for a mortgage. Loan officers work for banks and only offer products that the bank door. A mortgage broker works for you – they shop your loan many lenders, including banks, finance companies, trust companies, and private lenders. Even if the bank refuses you, an experienced mortgage broker can often find a lender willing to finance your mortgage.