If you are a first time buyer, you will need to analyze your situation and establish if indeed you are ready to take the step to buy that house. You need to know exactly how much you intend to spend on the house and the sort of down payment you will need in order to buy the house.
A general rule requires that you put down 20% of the total loan balance you have as the down payment for the house. This is the minimum amount of money you will contribute towards purchasing the new home so as to qualify for a mortgage. Note that this amount may vary depending on the loan program of the lender that you are dealing with.
Most banks require you to have payment mortgage insurance in the event that you make a down payment that is less than 20%. That may put an extra 75 to 150 dollars every month to your mortgage for no reason. It only protects the person who loaned you the money. You may also get a better rate that will make it a lot easier for you to get the mortgage in the event that you put more money down. In this case, there will be less risk and as result making it easier for you to underwrite the money you had borrowed.
In the event that you cannot afford monthly payments, you can get a mortgage that is about 3 to 5% down. This will make it hard for you to qualify for the mortgage so it is better off if the percentage is smaller.
It is also very important to factor the closing costs in the amount of money you need to put down as down payment. You may be required to place a good amount of money, possibly thousands of dollars, in escrow with your mortgage company for them to be able to pay property taxes as well as property insurance when they are due. This will vary depending on where and when you buy the house.
You will also need to pay the title insurance for the mortgage, mortgage closing costs, appraisal costs and some other additional costs. Some of these costs might be included in the mortgage but they have an effect on the 80% of the equity you have.
Another thing you need to do is to have the house inspected professionally before you buy it. This will help you to avoid any unexpected maintenance surprises in the first few years that you move into the house. These may include the need for a new roof, electrical problems and other structural problems.
If you are able to make a higher down payment for the house, then it will บ้านมือสอง ราคาถูก be much easier for you to get a loan. The level of interest on the loan will be lower making the monthly payments to be also lower.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น