While some people purchase their first home in their 20s, there are some great benefits to waiting before you sign for a mortgage. The first benefit is that when you are in your 30s, you may be more financially secure. You’ve probably been out of college for a while and your student loan debt is nearly paid off. Your career should be well past the entry level and your income should be increasing every year. By now, you should have all the essentials for your home and have money left over to add to your savings out of every paycheck. Before you rush to buy a home, study the different types of Mortgage Products so you can ensure you get the best one for your unique situation.
There are a lot of things about mortgages you need to know before you select a loan. The choice between a fixed and adjustable rate is just the tip of the iceberg. You will also need to understand amortization, closing costs, interest rates and points. An experienced lender at Village Mortgage can help you with these terms but it is always beneficial to have a clear picture of what you need before you even sit down with a lender. Being an expert in Mortgage Products gives you control over your personal financial future.
When you are sure you are ready to purchase a home, carefully consider your personal finances when you search for a new home. The amount your lender offers may be slightly more than you can comfortably afford and it’s okay to buy a house that costs less than your preapproval allows. There are a number of costs associated with home ownership that you probably don’t have to deal with as a renter. Homeowner’s insurance, landscaping and routine maintenance are all taken care of by the property owner in rental units. As a homeowner, you will have to assume responsibility for these expenses. If you are overextended on your mortgage payment, it might be difficult to keep your home is good repair. Finally, be sure your emergency savings account is well-funded before you embark on home ownership so you will be prepared for any unforeseen circumstances.
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