8 Financing Tips

By
Real Estate Agent with Coldwell Banker MA License# 9518264

Here are 8 financing tips:

  1. Don't Stretch Your Loan Qualification Limits to Buy a Home Beyond Your Budget

    Living poor just to own a bigger or better home, makes for larger mortgage payments and risks difficulties in the future.

  2. Get a Written Confirmation of Your Locked-In Interest Rate and Interest Rate Terms

  3. Understand All the Conditions of Your Loan

    You or a professional that you trust should thoroughly scrutinize each document.

  4. Understand the Unique Terms of Your Loan

    There are many types of mortgage loans out there. Make sure you understand the details of your particular type of loan.

  5. Pick the Right Kind of Loan

    Rates are higher on 30 year loans than on comparable 15 year loans. That's because there is a greater risk that rates will go up the longer the lender commits to a fixed rate.

  6. If You're Buying Rather Than Refinancing, Consider Getting a Pre-approved Mortgage or Contingent Loan Approval Letter

    The former is a binding commitment for a loan up to a certain amount. It can strengthen your negotiating position with the seller, but it puts pressure on you to close a deal before the loan commitment expires.

  7. Save Everything

    Keep copies of everything you send the lender and everything the lender sends you.

  8. Take Advantage of the Deduction

    The mortgage interest deduction is one of the few remaining tax deductible interest payments, and it's also the cheapest form of long term financing.

 

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Coldwell Banker Residential Brokerage
159 Belmont St, S. Easton, MA 02375
Phone Direct: (508) 840-8170

Lew Corcoran Licensed Real Estate Professional

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Topic:
Lending / Financial
Groups:
Consumer Mortgage Tips
Tags:
mortgages

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Rainer
14,598
Marsha Cleaveland
No longer in the sales business - Glendale, AZ
GRI, AHWD, CNE
Great tips!  If everyone who bought in the last three years had done this, we wouldn't be in a mortgage crisis today.
Dec 24, 2007 02:32 PM #1
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Rainmaker
390,889

Lew Corcoran

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