If youíre thinking about purchasing your first home, rememberóitís a big decision and several things should be taken into consideration. Here are some important questions to ask yourself before you buy.
How long do you plan on living in the home?
The national average for how long people live in their homes is approximately seven to nine years. Reasons for leaving a home can vary widely. But if you purchase a home then decide after only a short time to move, you may end up paying to sell. Generally, the shorter timeframe youíre in your home, the less your home has had time to appreciate in value. This may be so to the point that you may not recover what it cost to buy and sell the home.
What does your financial picture look like?
Itís possible to find a lender for nearly any financial situation. However, if your past financial history is good, you'll have better home loan options. In general, a couple of late payments on a credit report wonít affect your chances much and you'll be considered a good credit risk which qualifies you for lower interest rates. However, if you have more issues on your credit report, lenders may still provide you with a home loan, but you may have to pay higher interest rates and fees.
Where will the money come from?
Typically, home buyers will need money for the down payment and closing costs in order to close the loan. However, you donít always have to have a lot of money for a down payment, as long as youíre a good financial risk to a lender. Several loan options today offer zero down and low down payment home loans. Even if your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still have some very good mortgage options.
You've Got Options to Choose From For Home Loans
Fixed Rate Mortgages
This type of loan is right for homeowners who will not be moving within 7-years and those interested in a traditional fixed-rate mortgage.
Adjustable Rate Mortgages
This type of loan is right for anyone looking for a low rate and payment and who is planning on moving within 7-years.
This type of loan is right for people looking to purchase or refinance a home for over $417,000.
After reviewing our Website, we hope you found the answers to your questions and that you will consider Bankers Group for your current financial needs. For rates and terms, loan to values and underwriting guidelines, contact our underwriting department at: 818-226-6100 and ask for Dorothy Reik.