Although home debt is ‘smart’ debt, it’s a huge financial decision and there is a lot to think about. That’s why professional advice is recommended when making this enormous decision.
The first-time home buyer wants to take advantage of today’s low-rate environment but it’s hard to sort through all options and get the right combination of mortgage features, privileges, and rate that is best matched to their needs. The right mortgage goes beyond just the rate – it’s important to also consider term, prepayment options, refinancing penalties, restrictions, and fees. We can help you build your home-buying budget that includes considerations of your lifestyle, closing costs, and home ownership costs beyond the monthly mortgage payment.
How to Choose a Down-payment Method
As for the all-important down-payment, there are a few options to consider for first-time home buyers who may have smaller amounts to start with:
We can also provide strategies that will help you pay off the mortgage faster and shave thousands off interest costs. For instance, you could set your payments now at rates that could be expected at your renewal date so you pay down more principal and don’t experience payment shock, should rates be higher at renewal.
There’s so much to consider. Professional advice can get you into the market to start your wealth-building with smart debt and can save you thousands over the course of your mortgage.
Thank you for taking the time to read our blog. Like us on Facebook for regular news and updates.
Rasha Ingratta & Mortgage Associates
By Mortgage Intelligence
® Registered trademark of Mortgage Intelligence Inc. © Copyright 2013, Mortgage Intelligence Inc., all rights reserved.