To purchase a home, you must get a loan. In order to get a loan, you must (1) find a lender, (2) fill out a loan application, (3) get an estimate of the closing costs, (4) negotiate fees, (5) fill out required documentation, (6) pay up- front fees, (7) review and sign loan papers, and (8) deposit your down payment. Down payments are important because you can eliminate Private Mortgage Insurance, have a smaller mortgage, which means lower interest rates, and you have intstant equity. The time frame of the loan affects you because the longer the loan time, the more money to will end paying through intrest; the shorter the loan time, the more the payments will be each month. The value of houses increases as time goes on, therefore buying a house is a good investment. In order to buy a home you should know that interest rates on loans can be high, you should familiarize yourself with the mortgage process, and you should get pre-approved before you search for homes.
- This article explains why buying a home is a good idea: http://www.realestateabc.com/homebuying/goodidea.htm
- Watch this video to get more advice on buying a home: http://www.youtube.com/watch?v=jlkjHD9fY-Q
No comments:
Post a Comment