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| Financing is one of the most important parts of buying a home yet it often gets overlooked. Before you decide on your price range, you should consult a mortgage broker or banker to discuss your loan options, determine your price range and get pre-approved. While we (a real estate agent) cannot take the place of a licensed mortgage professional, we can offer you the following advice: |
- Consider all applicable factors when determining your total monthly payment. Your total monthly payment includes more than just interest and principal; you may also need to factor in taxes insurance, mortgage insurance & association fees depending on the loan and /or property.
- Become educated as to the different program options available to you; fixed rate loans, adjustable rate loan, balloons, interest only loans and multi-option payment programs offer different benefits to different people.
- Examine the costs of your loan. While there are costs for obtaining financing, costs may differ substantially between lenders and brokers. Become educated about mortgage specific fees such as points, origination fees, processing fees and other related fees before signing any agreement.
- Have a pre-approval prior to making an offer. An offer almost always looks more attractive when the buyer has taken the appropriate steps to become a qualified buyer.
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