Most homeowners likely think of house size, floor plan, exterior style and budget as their major concerns. Few ever list things such as changing family size, changing needs, or psychological needs. But these lifestyle considerations should be the first things you look at.
It pays to shop around, and the better mortgage 'package' you can secure, the more money you can put into your new home. One of the best ways to find any new business contact is by referral. So, you may want to start with asking neighbors and colleagues if they can recommend a good mortgage broker.
Get ready to fill out lots of forms and supply a multitude of notarized and legally sealed background documentation. To be adequately prepared you should consider getting these documents ready to speed up the process:
|The Right Kind of Loan For You
Finding the right loan or loans for your building project could feel like a balancing act. Here are the basic types of loans that you will be dealing with.
|The Right Mortgage For You
There are many different types of mortgages available. When selecting the right mortgage, you must take into account your current financial situation and what you expect your financial situation will be in the future. We've listed a few of the more common types of mortgages.
|Size and Cost Considerations
As you begin to conceptualize the master plan of your new home, one of the first things you have to do is figure out how much of a house you can afford to build, including the cost of the land and the landscaping. The Financing section will help you figure out how much of a mortgage a lender will allow.
|Ways to Save Money
Once you get to the final stages of your mortgage, be prepared to pay for the closing costs. The amount of money you'll have to pay in closing costs varies a lot by region. Here are few things to remember that can help you save money on your mortgage.