Last updated 2 months ago
Determining when to buy a home is a complicated decision, so look below to get the advice and support you need to make the right choice. If you still want more information, call the Mortgage Money Man. We offer comprehensive financial advice, mortgage applications, and refinancing services. To speak to our top loan office today, call (817) 329-6050.
- Avoid making a common borrower’s mistake by using the mortgage calculator from Bankrate.com to determine whether you can truly afford to buy a home.
- Does it make more sense for you to buy a home or keep renting? Find helpful answers to this question by visiting this article from The New York Times.
- Get straight to the answer by using this rent vs. buy calculator from MSN Money. After filling in the figures, you’ll quickly know whether you can save more money buying or renting.
- When filling out your mortgage and comparison calculators, you may need to input your average homeowner insurance rates. If you’re unsure of what your rates are, then visit this webpage to find average premium rates that are sorted by state.
- Check out this article from The Wall Street Journal’s Money Watch to get tips on how to determine when it’s time to buy a home.
Last updated 2 months ago
A 20% down payment can be a daunting amount of money on even the most affordable homes. So how do people manage to pay $20,000 to $30,000 on their first home?
This video offers some helpful insight into how to get around paying the 20 percent down payment, and how to come up with that amount. You’ll learn about the loan options that only require between three and ten percent down. You’ll also learn the key factor in saving up several thousands of dollars that you can put toward a new home.
If you have more questions about the mortgage process or how to prepare for the home-buying process, then call the Mortgage Money Man at (817) 329-6050. We specialize in helping people get the financial advice, mortgage help, and refinancing support they need to realize their home-owning dreams.
Last updated 3 months ago
With so many homes on the market, buying may seem attractive, but it may not always be wise. A home is one of the largest investments you’ll ever make, so use the tips below to ensure you make the best decision possible.
- Use a Mortgage Calculator
The first thing you should do before seeking further mortgage information is use a mortgage calculator. This will help you determine whether you can afford to buy a home. It will also show you how much you can afford to spend with your current budget. There are a variety of home-buying calculators available for free online. You could even use a rent-or-own calculator that helps you determine whether your resources would be better spent renting or buying a home. You don’t want to get stuck with a home you can’t afford, so do your research and be sure to run the numbers.
- Talk to a Mortgage Broker
Once you’ve determined whether it makes financial sense to buy a home, talk with a mortgage broker about your mortgage options. There are dozens of mortgage options and loan types available, but you’ll need to make sure you choose the right one. Certain government-sponsored loan programs, like the FHA and VA loan programs could save you more money and help you get into a nicer home. Furthermore, you might be better suited for a fixed-rate loan rather than an adjustable-rate loan. You can find some of the answers you need by researching online, but it is always beneficial to talk to an expert.
Buying a home is expensive, so save as much as you can before buying. Most mortgage companies ask for 5-20% down to secure the loan, which means you’ll need to save several thousand dollars. The more money you put down, the shorter mortgage term you can qualify for and the more you’ll save on interest, so start saving now.
If you’re trying to determine whether you should buy a home, call the Mortgage Money Man at (817) 329-6050. You’ll receive quality advice on when you should buy, how to afford the purchase, and what type of mortgage is best for you.
Last updated 3 months ago
The favorable buyer’s market has many renters considering whether they should renew their lease or take advantage of the abundance of affordable homes. While it may be a good time to debate this question, you’ll need to consider several factors before applying for a mortgage.
The general rule of thumb is that if you plan to stay put for more than five years, then it makes more sense to buy rather than rent. While this theory doesn’t take into account your financial situation and various other factors, most buy versus rent comparisons will point to the fact that you can save more money over time when buying, provided you’re going to spend a minimum of five years in the home.
No matter how long you’re planning to stay in the home, you still have to consider your financial eligibility. If you have too much debt and can’t secure a loan, then you should stick to renting and paying off your debt so that you can save money for a down payment. Furthermore, if your rental costs, including monthly rent, utility costs, and renter’s insurance payments amount to less in six years than you would spend buying and maintaining a home for six years, then it might make more sense to continue renting. You also have to consider your lost opportunity costs.
Deciding whether to rent or buy is a complicated decision. It’s best to talk with a financial or mortgage advisor who has experience counseling potential homeowners on how to make this decision. In general, if you can afford to put 20 percent down on a home and still have enough funds to cover closing costs, yearly taxes, homeowner’s insurance, maintenance, and utilities, then you are probably in a position to buy.
If you need professional home buying advice, then call the Mortgage Money Man today. You’ll receive expert advice from a leading loan office. Whether you’ve made up your mind and need mortgage advice or need comparison advice, you’ll get the support and knowledge you need by calling (817) 329-6050.
Last updated 3 months ago
Are you financially prepared to purchase your next home? If you’re unsure, then take a look at this video. You will find some tips on how to accurately answer this question.
From this video, you’ll learn that you need a good credit score, proof of income, and the ability to make a down payment. As you continue watching, you’ll learn about the different types of mortgages, how to determine which mortgage option is best for you, and what mortgage term to choose based on your future plans.
When you’re ready to apply for a mortgage, get pre-approved for a loan, or refinance an existing mortgage, visit the Mortgage Money Man Mark Goodwin. You’ll receive expert advice, superior and speedy services, and customized loan options. When you need the right loan, call us at (817) 329-6050.
