The first question
you need to answer is "How much house can I afford".
Home ownership is within most consumers' reach. And the first step toward
finding the right home is to quickly calculate
your purchasing power and determine how much you can afford to pay each
month. This will save you time, by allowing you to focus on homes in
your price range.
In planning stage, you should consider both the up front and ongoing
costs associated with purchasing a home:
Down payment ranges from 3-30% of the cost of the house. The more you
can put down, the more equity you will have in your home and the lower
your monthly payment will be.
costs run from 2-6% of the loan amount depending on your area.
- Monthly mortgage
- Homeowners insurance
- Property taxes
Buying a home offers
many advantages, one of the most significant being that it allows you
to build equity (ownership) when you pay your mortgage each month. A
common myth is that monthly mortgage payments are more expensive than
rent. But, in many cases, mortgage payments can be
less than rent. When considering homeownership for the first time, you
need to decide whether buying makes financial and practical sense for
you right now or if you are better off renting. Consider both the advantages
and disadvantages to renting as well as buying, and weigh the pros and
cons for your particular situation.
Continue reading for more information on "House
Hunting Tips" that you will need to know about in order
to be better prepared for a California Mortgage Loan!
Use our quote
form, a mortgage feature on California Mortgage & Home Equity
Loans, Co. to locate a lender in your area offering the mortgage
product that best suits your needs. The independent lender you select
will work with you to help find a low-cost mortgage that meets your
needs. Apply today!