You’re engaged and getting ready to start your new life together. Where will you live? If you’re thinking of buying a house, now is a great time to buy! Interest rates at 5.875% to 6.125% and home prices lower than they’ve been in 5 years! With a down payment of as little as 3% you can purchase a home to start off your new life together.
There are more houses on the market today than at any one time in many years, this means more choice for you. There’s an old saying about investing and it applies to real estate today: Buy when the market is low, Sell when the market is high! Now is the time to buy.
Banks Aren’t Lending Money Today, I Won’t Be Able to Get a Loan.
If you listened to the popular press today, you would think nobody can qualify to purchase a home. That’s just not true. If you have good credit or no credit, you can qualify to purchase a home today. Before you start going to open houses or chose a Real Estate Agent, contact a mortgage professional to qualify for a loan. This will save you a lot of time and headaches, a qualified mortgage professional can walk you through the qualification process and help you find a mortgage payment you will be comfortable with. You may qualify for more than you’re comfortable spending each month, so it’s important to match your comfort level with your payments.
Do we have to wait until we’re married?
You can purchase a home together before you’re married if you chose. We can use income from both of you and put both of your names on the house. Both of you don’t have to move in until you’re ready. So if you’d like to buy the home of your dreams and move in when you get back from your honeymoon, it can be ready and waiting.
How Do We Choose a Mortgage Professional?
Steer away from someone who’s giving you the hard sell. Mortgages should be more about consultation and education than about pushing you to buy something. After speaking with your mortgage professional do you have a comfort level that they will represent you in your purchase transaction?
Do they have a Certification? Any initials after their name? Most certifications require continuing education and passing of a test, so you can be sure these professionals are up-to-date and knowledgeable. Ask if they’re a member of the Michigan Mortgage Lenders Association or Michigan Mortgage Brokers Association, both organizations promote ethics with their members. Ask if your Mortgage Professional will attend your closing with you. If the answers to these questions are no, keep looking!
Contributed by Grand Rapids Mortgage Pro, Deb Laakso. Visit her website at www.grandrapidsmortgagepro.com
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