| Today's shifting home market gives many | | | | about the long term. Many people move into a home |
| prospective home buyers the heebie-jeebies. Keep in | | | | and think they will be moving in a few years. The |
| mind you are not alone. Many other people are in the | | | | future is uncertain, but your mortgage payment does |
| same situation right now, and lots of them are | | | | not need to be. |
| getting great prices on the homes of their dreams. | | | | Also, when you are negotiating the terms of your |
| Falling prices in the current market gives buyers the | | | | mortgage, choose carefully between points and rate. |
| opportunity to find a real deal on a home they will | | | | You will usually have the option of going with a lower |
| love for years to come. If you remember a few key | | | | interest rate in exchange for paying additional points |
| points, the process will be painless. | | | | on your property. Again, longevity is the key to this |
| First off, make sure you're not biting off more | | | | equation. If you're going to stay in your new home |
| mortgage than your income can chew. If you intend | | | | for more than five or six years, the money you will |
| to stay in your home for more than a few years, | | | | save on interest makes the points a good idea. |
| you'll want to look at the big picture. Is your income | | | | Lastly, in today's shifting market with home loans are |
| stable? Assuming you're going with a fixed-interest | | | | getting harder to come by, it is wise to go get |
| loan, your payment will be the same every month. | | | | pre-approved for a mortgage before you initiate the |
| Most people don't put down a twenty percent, so | | | | buying process. You won't have to be disappointed if |
| you'll likely want to include mortgage insurance into | | | | you get your heart set on a house that lenders think |
| your calculations. If you are buying a condo or | | | | is out of your price range. You'll be better prepared |
| townhouse, remember to include homeowner's fees | | | | to make an offer on a house with a pre-approval in |
| in your calculations. Also consider how much | | | | your pocket and it will make the whole process go |
| homeowner's insurance is going to cost you. Make | | | | smoother for you. |
| sure you are comfortable with the cost of your | | | | Today's housing market is ever-changing, but certain |
| mortgage and are able to make the payment on | | | | fundamental principles will always apply to the |
| time every month for years to come. | | | | process of buying a home. Especially in a shifting |
| Next, choose your mortgage options carefully. Many | | | | economy, it's good to approach the process as a |
| homeowners went for enticing adjustable rate | | | | savvy consumer with knowledge of your own |
| mortgages a few years ago only to find that their | | | | finances. Understand your mortgage options before |
| interest rates ballooned so high that they ended up in | | | | you buy. It makes the process of purchasing your |
| foreclosure. Not good. That is one of the main | | | | dream home at a great price painless. Take |
| causes of the current market fiasco. Sure, lower | | | | advantage of today's low market prices when you |
| interest sounds enticing initially, but you need to think | | | | understand what the best mortgage is for you. |