Avoiding Financial Stress
By asking the right questions, and knowing exactly what your needs are, you can find the right loan program for you. There are certain steps you can take to avoid financial stress while you are out shopping around for your loan program.
It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary.
Before you meet with a lender, you should know or have a pretty good idea of how much you want to spend a month on your mortgage payment. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it.
Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:
- What type of market are you in? Are the interest rates falling or rising?
- Do you want a fixed mortgage rate, where you will always know what your payment is going to be? <--- Highly recommended!
- What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?
If you are in the market to buy a home and are ready to take that first step, give us a call! We would love to help you! 661.368.3770 or Click Here to get started!
Follow us on Social Media!
Bakersfield Real Estate Group
5601 Truxtun Ave #150
Bakersfield, CA 93309