A mortgage rate lock will lock in your interest rate for a certain amount of time? It is usually tied to a certain property and application. So, if something changes then you will more than likely end up having to get a new rate quote. So, it is very important when buying a house to have your duck in a row so you can lock in that rate and keep it low. Your mortgage broker can help you navigate and explain what are your best options. It is very important to keep those communications going for a good outcome to your new home purchase.
Cathy Heckman
Mortgage Contract Services
(303) 638-7814
https://www.mortgagesdonehonestly.com/Home
Down payments can be a large and if you are buying a house that requires some work to make it your forever home can you afford to do both? Fix it up and put down a large down payment can be overwhelming. Have you thought about taking out a HELOX or second mortgage to get those things done? What are your possible options for doing both at closing? What do those payments look like and what kind of equity will those changes do to the equity you may gain in your new purchase? Talk with your broker and see what they can do for you so that you can have that new forever home the way you see it.
These programs have been around for a longtime but they do change as the market changes.
Have you checked into your possible available option and what will work best for you?
There are hundreds of down payment assistance programs available? These programs are generally meant to assist first-time buyers, but there are also programs for others. As a broker we have new resource that allow us to search for all of the available programs in your area to find the program that may help you buy a home. Despite what the media tells you, 20% down is not required to buy a home. Talk to your mortgage broker for the best possible option for you. Let’s plan for your future.
How can we know what is the when it is the best time to get that home mortgage started? The best way is to know you are ready for that mortgage payment whatever you choose to do. Are you finances in order? That famous phase House Rich, Cash poor. Navigating through this is something that your mortgage broker can help you analyze. Is the refinance or new buy going to lead you down the right road. Know what you should be looking at to make the best choice for you. Always talk to your mortgage broker for guidance.
No, it does not, when it comes to Mortgage Brokers and/or companies. It is all in the fees and the quality of care and looking for that best deal for you.
The quality of work and care that someone takes on for your best interest is something that should be up front and foremost important to you. Sometimes bigger is not better and sometimes smaller means more personal attention. You will get more out of where you choose to go the more you give them to work with have those conversations before engaging in the process. Talk about those fees and what they plan on looking for you. What do they feel is best for you does it line up for what you see is best for you.
Do you think long term 30 years with higher interest rate and pay extra to save on the long term or do you think shorter larger payments with a possible reduction of interest rate.
With markets where they are what best suites your needs. Can you afford the larger payments with the smaller interest rate now?
Will you be looking to refinance if interest rates go down and what does that mean for you? Remember when refinancing you will have fees and how does that effect what you are paying long term. This is what your broker is good at and you need to ask those question when finding the right broker.
When looking for a Mortgage Broker or Lender remember to call around. Doing your due diligence can save you money. Get quotes, a little time now can save you money in your future. In the market right now with rates where they are more than likely, keeping that loan long term may not be in your best interest but may be helpful to get you into that house right now, so remember look at those fees and rates. What is going to be best for you and your current situation? Have those conversations with your broker/lender to determine what is the best they can offer you.
Ok people, with the announcement of possible interest rates decreases in 2024 are you prepared to jump when and if, it happens? What do you need to do to prepare to pull off the best results for you be it buying, selling, refinancing?
Who better to talk with than your banker or mortgage broker to help you get prepared and set those goals. Keep your eyes on the prize and focused on your future!
Well it is time to say good bye and so long to 2023. I wish I could say it has been a pleasure but we all know it has been more of a roller coaster.
So, in getting ready for 2024 take a deep breath and make a list of your goals, be it refinancing, looking at large project, downsizing, or just a fresh start buying/selling.
You need to make sure your goals are obtainable. Not to say easy but with in reason. We want to stay encouraged and grateful for all our blessings. Make your list and give yourself dates that are realistic for those projects, savings, and moves. Call your broker and see if they can help you meet those goals. They can always give you what the market is doing by way of loans and financing options.
May 2024 bring you and your family Calm Seas and lots of Blessings
We want to wish you a Joyful and Merry Christmas!
It is never a bad time to contact your Mortgage Broker to get the updated cost, rates and options for any of your mortgage needs. Making your future plans starts with current information and evaluation. Our hope for you in the coming year is a year filled with hope and a happy home!