IT TAKES MONEY TO SAVE MONEY!

January 25th, 2008

Okay, you’ve found the home of your dreams. You’ve determined how much you can afford because you’ve already been pre-approved by your lender, and your offer has been accepted. But wait. If you’re financing the purchase, like almost everyone does, you’ll actually be paying more than the final sale price of the home.

Many buyers don’t stop to think about how much they’ll really be paying for their home by the time they’ve reached the final payment. It’s worth considering, and it makes it evident that you should shop around and get the best loan terms possible.

Be sure to discuss your options with a trusted local REALTOR®, who can provide mortgage information, illustrate different financing options, and even recommend lenders suited to your needs. With literally hundreds, if not thousands, of options available, it’s helpful to begin with the basic facts to help you whittle down your choices.

Determine how much is available for a down payment. If you’re putting up less than 20%, you’ll need a guarantee that often comes in the form of PMI (private mortgage insurance). This will add to the overall cost of your loan, at least until you’ve paid off a significant percentage.

Again, discuss your loan options with your REALTOR® before you make any offers, in order to avoid unpleasant delays and unexpected expenses.

Call me at locally at 363-5464 if you need information to assist you with your real estate decisions. For Long Distance, call me at 1-800-724-7149 or e-mail me, if you prefer, at donkingsley@kingsleyrealestate.com. We will be happy to share our knowledge with you at no cost or obligation.

Entry Filed under: Financing