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Wednesday, November 05, 2014

Home Buyer Tips: Look Beyond The Mortgage Pre-Approval.

You have made the decision to buy a home...great!  Like all well prepared buyers one of your first steps will be to find a local mortgage lender to prepare a mortgage pre-approval letter.

This meeting with your mortgage lender allows you to discuss the various types of mortgages, down payments, mortgage insurance requirements, loan process - all reasons to deal with a local mortgage expert.

With your mortgage pre-approval lined up it is time to select your real estate agent.

One of your early conversations with your Realtor® will be to discuss what that mortgage pre-approval amount represents - the maximum you could pay for a home - not the amount you should pay.

Consider how much is required to purchase a home that meets your needs.   Through a process of question and answers your real estate agent will help you identify your needs (the "must haves" like location, size, age, school assignment area, etc).

With a mortgage pre-approval in hand and requirements identified it is now time to consider the total cost of home ownership beyond the mortgage principal.

Because of its long term financial implications buyers should always keep their budget at the forefront of any decision including the "other costs." 

What are some of these other expenses?
  • Homeowner Insurance
  • Homeowner association fees
  • Taxes
  • Special assessments
  • Flood Insurance (if required) 
  • Maintenance and upkeep 
  • Commute times/expense for work or school
Buying a home is a great step.  Care should be exercised throughout the process.  There really is more to life than making a mortgage payment!

Considering buying a home in Viera, Florida?  Call me at 321-693-3850 if I can assist.  Need some local mortgage lenders?  I will be happy to provide some local contacts my customers have worked with in the past.

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