Morales Homes And Loans
Buying/ Selling
Unlike renting, buying a home offers you pride of ownership and fulfillment of the American dream of owning a home. In addition, one of the largest benefits of homeownership is the tax savings you'll receive as interest payments on a mortgage are 100% tax deductible (talk to your tax advisor for specific details). And as you continue to pay your mortgage payment, you are contributing towards building equity in your home, whereas your rent payment goes in somebody else's pocket. You will also build equity faster if the value of your home increases. Once you have enough equity, you can borrow against that equity to pay off debts, send your child to college, renovate your home, or take a much needed vacation. With today's low or no down payment options, affording a home is easier than you may think.
How much do I need for a down payment on a new home?
There are several different loan programs or products, such as first time home buyer programs, or FHA Loans, which may require a low 5%-10% down depending on the amount of the purchase loan being obtained. There are also NO down payment options, also know as 100% financing on purchase loans not exceeding the amount of $417,000.00, known as Conforming Loans. Imagine getting into your very own home with little or no money down! The down payment amount required does vary by loan type, purchase price, and other factors such as credit. To find out what options we have for you, please email or call us today for a free consultation and to complete a no obligation information application.
What YOU should know before Buying...
Here are some tips that could save you a lot of time, money and trouble. Plan ahead. Establish good credit and save as much as you can for the down payment and closing costs. Get pre-approved before you start looking. Not only do real estate agents prefer working with pre-qualified buyers; you will have more negotiating power and an edge over homebuyers who are not pre-approved. Set a budget and stick to it . Consider every angle before diving in. Make a reasonable offer. To determine a fair value on the home, ask your real estate agent for a comparative market analysis listing all the sales prices of other houses in the neighborhood. Choose your loan (mortgage consultants should offer you at least 3 differnt scenarios; loan programs) carefully. Consult with your mortgage consultant/ agent before paying off debts. You may qualify even with your existing debt, especially if it frees up more cash for a down payment. Keep your day job. If there is a career move in your future, make the move after your loan is approved. Lenders tend to favor a stable employment history. Do not shift money around. A lender needs to verify all sources of funds. By leaving everything where it is, the process is a lot easier on everyone involved. Do not add to your debt. If you increase your debt by financing a new car, boat, furniture or other large purchase, it could prevent you from qualifying. Timing is everything. If you already own a home, you may need to sell your current home to qualify for a new one. If you are renting, simply time the move to the end of the lease.
Tools for Selling:
To help you in the selling process, we've assembled some helpful productive resources.If and when you're ready to move to the next step, be sure to contact us, we can make all the difference.
