Buying a Home in Guilderland | Managing Stress
Let’s be honest, being house poor is terrible. When you’re house poor you immediately start regretting your decision to buy a house. Sometimes you even resent your home. That should never happen. By asking the right questions, and knowing exactly what your needs are, you can find the right loan and the right home for you. There are certain approaches that you can take while home and mortgage shopping that can cost or save you money. Let’s concentrate on saving ourselves some money, shall we?
We all know that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it’s the interest rates or the down payments that vary. Lower interest rates might mean you can buy a more expensive home in Guilderland. Larger down payments could mean you need to save for a little longer before you purchase. A mortgage lender can and will help you through all the details.
Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Take a look at your current mortgage or rent. Look at what other bills you have to pay. What bills can you eliminate— credit cards? car loans? and what bills are here to stay– car insurance, cell phone bill, school loans, etc. Then, when you discuss mortgage pre-approval with your lender, it is easier for you to determine your monthly mortgage and how much home you can afford. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it. A lot goes into making a budget, don’t forget you need to save money for the future and have fun in the present– all while enjoying your new, perfect for you, home.
Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:
- What type of loan do you qualify for?
- What’s the difference between a 15 year and 30 year loan?
- What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?
- How much of a down payment do you have?
When purchasing a home, your real estate agent and mortgage broker can become your best friend. Ask questions, save money, and look around. The perfect house at the perfect price is waiting for you to make it your home.