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Deanne Katsaros Mortgage Mom Greentree Mortgage Co LP Phone: (609) 605-7153 CO NMLS ID # 16128 NMLS : ID #143589 deanne@mortgagemom.net www.mortgagemom.net |
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August 2019
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4 Financial Tips for First-Time Homebuyers Consider all costs of homeownership. Your mortgage payment is not the only cost that you will be responsible for when owning a house. You also have to consider costs like insurance, property taxes, and repairs. Reduce your monthly payments with a higher down payment. The more you are able to put down now, the less your monthly payments will be. Additionally, the less money that you have to finance, the less interest that you will pay. Understand your closing costs. Most loans require that you bring cash to the closing table. The exact percentage will depend on your loan terms but it can be anywhere between three and 20%. You will also be responsible for origination fees, credit report costs, and agent fees. Your credit score can make a difference. Just because you are approved for a mortgage with a low credit score doesn't necessarily mean that you should go through with the loan. If you can take some time to improve your credit score, you could cut interest costs which could reduce your mortgage payment. | ||||||||||||||||||||||||||||||
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