After deciding that buying a home is the best decision for you, what’s next?
It will be good for you to evaluate how prepared you currently are to buy a home. Perhaps you have been making steps towards this goal for a while or maybe this is all new to you. Either way, the ways you have equipped yourself for this venture will be major determining factors on which loan program you choose. Do you have an amount for a down payment? What is your income to debt ratio? How is your credit status? There are a number of ways you can be prepared for this process.
Your next concern starts to be which loan program fits your needs and how to structure your monthly mortgage payments. Before moving forward, you’ll want to consider those items that make up your monthly payment and the factors that influence them.
Typically referenced as PITI, your monthly mortgage payment is comprised of Principal, Interest, Taxes and Insurance.
One of the issues that most concerns homeowners is their mortgage interest rate. This is for good reason as the interest rate directly affects the monthly payments for the life of the loan. Because of this, homebuyers search for steps they can take to obtain the lowest rate available.
Contributing factors to the interest rate include whether the homebuyer decides to:
There are other special considerations that you may want to consider as you evaluate your mortgage options.
You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need New Century Realty & Lending!
When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.
New Century Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.