Avoid Major Missteps Before Purchasing Your Dream Home.
It's natural to be overcome with emotion when you find the perfect home, but don't let those feelings cloud your judgment! Remove sentiment from the equation and keep these common mistakes in mind while shopping for a new home - that way, you'll save yourself time, money and heartache.
Before embarking on your journey to find the perfect home, it is critical that you both know how much of a mortgage you can qualify for and what budget fits comfortably in your means. It's unfortunately not uncommon for new buyers to be so enamored by potential homes that they begin their search without considering either factor, only later feeling let down when realizing these houses exceed their budgets. This frustration can be avoided if properly prepared beforehand with an understanding of financial boundaries and obtaining pre-qualification letters from lenders.
Need an estimate of what your ideal home could cost? Utilize a free mortgage calculator to get started. This will provide you with the details needed to ensure that you find something suitable for your budget without overspending!
Ultimately, it would be wise to consult a reliable lender who can assess the accuracy of your estimations according to your individual circumstances.
By being aware of your prepayment privileges and payment frequency choices, you can save yourself a great deal of money!
Before you make the major decision of dedicating your hard-earned money to monthly mortgage payments, it is essential to be familiar with prepayment privileges and payment frequency options. Home buyers often overlook these key points, but if given proper consideration they can ensure that their payments are working for them most efficiently.
Take advantage of your mortgage payment options now, and you could be saving yourself years off the loan's repayment period! Paying biweekly or even weekly is an excellent strategy for reducing the amount of interest incurred over its lifetime. Over time, frequent payments will significantly reduce what you owe in terms of interest charges. Act now to start seeing those savings sooner rather than later!
By taking an approach of prepaying a percentage or increasing your monthly payments on your mortgage, you will drastically reduce the amount of years required to pay it off.
To arm you with the tools needed to avoid any potential home buyer traps, Your Home Sold Guaranteed Realty - The Watson Group has trusted preferred lenders we work with. For more information on how we can help you find your dream home, call us at 720-463-0002 or fill out the form below!