The first thing you'll need to
determine is what your long-term goals are and then how home ownership fits in
with those plans.
A mortgage is an important tool for
buying a house, as it allows individuals to become homeowners without making a
large proportional down payment. However, when you take on a mortgage, it's
important to understand the structure of your payments. This structure
determines how long it will take to pay off the mortgage and, in turn, how
expensive it will ultimately be to finance your home.
The Components of
a Mortgage Payment:
PITI
Once
the size and term of the loan have been determined, there are four factors that
play a role in the calculation of a mortgage payment. Those four items are
principal, interest, taxes and insurance (PITI).
There are Federal, State and City
programs that offer a variety
of resources for down payment
assistance and financial education to qualified buyers in selected cities.
Several other factors you must think about:
~What specific features will your home have?
Single Family, Townhouse, Condominium,
Multi family
~Have you checked your credit?
Run your credit
report free once a year AnnualCreditReport.com
~How much mortgage do you qualify for?
Get pre-approved
with a Mortgage Lender
~How much home can you actually afford?
~Who will help you find a home and guide you through the
purchase?
Work with a qualified Real Estate Agent, someone you can build a
relationship with.
Brian D Morrow
Pinnacle Capital Mortgage
Mortgage Advisor
P: 415-310-5586
700 Irwin St, #300, San Rafael, CA 94901
NMLS#3311058
Equal Housing Lender NMLS 81395
Licensed by the Department of Business Oversight under California Residential Mortgage Lending Act
No comments:
Post a Comment