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Mortgages 101: Buying Your First Home

13 Jun

Getting a mortgage for your first home is a big financial commitment.  There are so many options it can be overwhelming.  Follow these 3 simple steps to find the best mortgage that meets your needs.

Step 1:  Know What You Need And Want In A Mortgage

Down Payment:  Find out how much money you need to put down on a mortgage
Down Payment Financing Options:  Home Buyers Plan
Mortgage Payments, understanding interest versus principal
Choosing an amortization period
Choosing a term and type
Understanding Fixed and Variable Interest Rates
Frequency of Payments
Mortgage Default Insurance

Step 2:  Shop Around And Get Pre-Approved

Before you start shopping around for a mortgage make sure your credit report is in order
Understand the pre-approval process and how it works
Understand the formula used to calculate your borrowing limit

Step 3:  Make The Right Decision For Your Needs
Get prepared for other costs involved in owning a home

Want to Learn More, Inquire Today!
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Posted by on June 13, 2013 in Uncategorized

 

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