Q. What
homework should I do before I get a loan to buy a home?
A. Here are three big tips many people don’t
consider when buying a home:
· Understand
how much home you can afford. Calculate the two numbers bankers and
mortgage lenders use to determine the how much they will loan to you: payment-to-income ratio and debt-to-income
ratio.
· Understand
the basics of home financing. Your ability to afford a home will be related
to its price, your down payment (and the amount you’ll finance), the interest
rate and points of your loan, the term and the type of your loan. Study these items and the relationship
between them.
· Save
thousands by making your own mortgage acceleration payment schedule. Take your
current monthly mortgage payment of principal and interest and multiply that
number by 13. Divide that total by 12 to
get your new “accelerated” monthly payment.
Want
to learn more ways to save money? Ask
for my Free Consumer Report called “7 Secrets For Saving Thousands When
Financing Your Home.”
Do you have a real estate question you want answered? Feel free to call/text me at (402) 881-0758 or email me at dan.nord58@gmail.com.
Do you have a real estate question you want answered? Feel free to call/text me at (402) 881-0758 or email me at dan.nord58@gmail.com.
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