 |
| Welcome | Featured Properties | Available Properties | Birmingham Area Information | Mortgages & More |
 |
Choosing the proper path to take when obtaining a mortgage
loan for a real estate purchase is a crucial step to the home
buying process. You need the advice of an experienced
professional who will discuss all of the appropriate loan options
for you as well as helping you determine just how much you can
afford per month in the form of a mortgage payment.
Keep in mind, when determining your "affordable monthly
payment", that there are many expenses that go into a home
besides just the principal and interest payment. You must also
account for property taxes, home owners insurance, PMI if you put
less than 20% down, monthly utility bills and the unexpected bills
that will surface when something breaks in the house.
The large calculator to the left will help you in the beginning
stages of trying to nail down an affordable price range for your
purchase. Simply type in the purchase price plus your down
payment amount and it will calculate the rest for you (approximate
property taxes, PMI if applicable, approximate homeowner's
insurance) and you can enter HOA dues if you choose to. The
payment will be computed off the most current interest rate
plugged into the calculator. Also take note of the interest rate
tracker directly above the calculator to get confirmation of what the
most current rate is.
When you are ready, contact a local mortgage professional to
help you make a plan for purchasing your home. When you call,
be ready to discuss:
Those are just some of the key topics that you will want to
discuss. Many other questions will surface as you go through the
process. Be sure to ask the question when it comes to mind!
Remember, there is no stupid question especially when you are
talking about such a large purchase. Being well-informed on the
front end will make the process alot easier as you move toward
closing.
loan for a real estate purchase is a crucial step to the home
buying process. You need the advice of an experienced
professional who will discuss all of the appropriate loan options
for you as well as helping you determine just how much you can
afford per month in the form of a mortgage payment.
Keep in mind, when determining your "affordable monthly
payment", that there are many expenses that go into a home
besides just the principal and interest payment. You must also
account for property taxes, home owners insurance, PMI if you put
less than 20% down, monthly utility bills and the unexpected bills
that will surface when something breaks in the house.
The large calculator to the left will help you in the beginning
stages of trying to nail down an affordable price range for your
purchase. Simply type in the purchase price plus your down
payment amount and it will calculate the rest for you (approximate
property taxes, PMI if applicable, approximate homeowner's
insurance) and you can enter HOA dues if you choose to. The
payment will be computed off the most current interest rate
plugged into the calculator. Also take note of the interest rate
tracker directly above the calculator to get confirmation of what the
most current rate is.
When you are ready, contact a local mortgage professional to
help you make a plan for purchasing your home. When you call,
be ready to discuss:
- Your total monthly income
- Current debt payments
- Your desired mortgage monthly payment
- Ask about the current interest rates
- Discuss the different types of buyer closing costs and
what they are. - Ask about any and all loan programs that may be suitable
for you and are available through the lender you are
speaking with.
Those are just some of the key topics that you will want to
discuss. Many other questions will surface as you go through the
process. Be sure to ask the question when it comes to mind!
Remember, there is no stupid question especially when you are
talking about such a large purchase. Being well-informed on the
front end will make the process alot easier as you move toward
closing.
| BuyBirminghamHomes.com is a web based home marketing service provided by Mike Hulen, Re/Max Advantage South and other affiliated companies. The information provided on this website is deemed accurate but is not guaranteed. All information should be verified independently to the satisfaction of the home buyer/seller. This website is copyrighted and may not be reproduced without written consent of the webmasters. |