Dealing With Financing

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Financing is the most important and the least important part of owning a home. It’s the most important until the loan is fully approved and ready to close then it becomes the least important when you’re actually looking at homes and deciding which neighborhood and schools. Here are some tips:

Get Pre-Approved. By getting pre-approved as a buyer, you can save yourself the grief of looking at homes you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the perfect match. A pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose Your Mortgage Carefully. VA, FHA, NMMFA, down payment, down payment and closing costs assistance, 15 year, 30 year, etc.–all these things can make getting a mortgage intimidating. That’s why meeting with your lender UP FRONT is so important. They can explain the details of every single mortgage opportunity available and settle on the right one for you.

The Three Rules of Home Ownership: There are so many things to think about but just think of the three most important: The home, the money it takes to walk in the front door and the monthly payments. If you don’t like the home, don’t make an offer. How much to walk in the front door. I only have so much and I can’t go over that amount. If the payments are too high–NEXT! If all three of these are acceptable, you’ve just started the process of owning your new home. Let’s get started. Call Bob the Realtor at 505-480-9065 and tell him about your dreams.