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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.
Typically closing costs run from 2-6% of the loan amount depending on your area.
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!