Applying for a mortgage and buying a house are major financial decisions that affect your bottom line for years to come. It’s important to understand how much “HOUSE” you can afford. And the mortgage payment by itself is just one factor to consider. This is where a lender helps make sure you’re able to pay back your home loan in full along with additional details. It’s up to you to determine your monthly payment and how it will impact your financial goals, such as saving for your child’s college education or even your own retirement. However, insurance needs, maintenance costs and utilities are all factors you need to consider and acknowledge when determining how a monthly payment fits into your finances. Being honest about your finances and financial outlook for calculating the monthly payment you can comfortably afford helps you save you money and stress in the long run. Affording loan payments is one thing…buying a house the right way is another. We’re here to help. Ask us how.

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.

It is true, getting pre-approved for a home loan is an important achievement that brings you a step closer to landing your dream home. But, you still have some work to do before getting the keys. Between pre-approval and closing, it’s vital to make few to no changes in your financial situation. And as life happens, share details with your mortgage professional. Yes, believe it or not, changing jobs and buying a boat could affect your loan approval. Please remember, buying a home (or refinancing your current home for that matter) is a process. And final loan approval comes just days in advance of your target closing date. So… like with any “PROCESS,” changing things along the way will likely have some impact on when you close. Making smart decisions promotes efficiency during the mortgage loan process. Get educated about the home buying process. We can help… Ask us how.

*Not all borrowers will qualify.

You hear about interest rates on the news, but what does it really mean and how may it affect your financial decision-making? Interest rate is a fee you are charged for borrowing money as a proportion of the total loan. This is expressed as a percentage of the total amount of the loan. Interest rates are important to consider when planning for a mortgage and yet, are just one of many important factors to consider. Do not confuse interest rate for “A-P-R.” The annual percentage rate is a broader measure of the cost of a mortgage because it expresses the true cost of borrowing money over time. Third party fees, discount points and certain other closing costs affect the APR. This is a great tool to utilize when it comes to comparing overall fees charged by different lenders across varying loan programs. Looking at interest rates and A-P-R’s, an interest rate can determine how much you will pay on a monthly basis based on the loan amount while an A-P-R can provide you with clues as to what fees are included in the loan terms. And even still, these 2 factors alone do not tell the whole story. Learn about mortgage money. The details matter… Ask us how.

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.

In real estate, negotiating the asking price for a home is common practice. Naturally, sellers want to achieve the maximum value of their home while buyers hope to have a price fall within their budget. Your real estate agent serves as your negotiation advisor and helps find the right price… They effectively determine what you are most comfortable with offering. It’s important for homebuyers to have all of their financial ducks in a row before they make an offer. This includes completing the pre-approval process and obtaining a letter from the lender identifying your loan details…essentially how to make an offer. The strategy is dependent on several factors. Type of loan – dollar amounts for purchase price or any credits you might request to cover costs and prepaid expenses. Remember, you have the right to negotiate everything. This includes the home inspection, especially if there is a laundry list of repairs that need done. Maybe even most importantly, avoid LOWBALLING an offer. This may alienate the seller and result in future offers being rejected. Get educated. We can teach. Ask us how.

Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.