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Finding the Perfect Mortgage


Buying a home is a huge responsibility and with buying a new home comes a lot of decisions, including which mortgage is best for your needs and financial situation.

I owned my previous home for twenty five years and I’ve learned that it is better to know exactly what you are looking for, how many rooms you need, how many bathrooms, how much storage and how much entertainment space.  You should also know the size of the rooms and yard you want, and the layout.  It is important to learn about the neighborhood you are looking at,  and the schools.

I recently bought a new home a couple of months ago and trust me, the process is very thorough and time consuming. Right now interest rates are low, which makes buying a home now, a good time.

You’re probably wondering which types of mortgages are available, so I’m going to tell you about a few different options and also give advice on ways to calculate what your mortgage payment would be.  Remember,  when making a mortgage payment, you have to include taxes as well as home owners insurance.

The first thing you want to do when figuring how much you can afford is check out a mortgage calculator. Sites  like provide key  information that will make finding a home  you can afford, easier.  They have calculators that tell help you figure out  monthly payments,  minimum income requirements, home loan limits and debt to income ratios.  They take the guess work out of buying a home, and really have excellent resources to cover most of the questions you have or will be asked by both a lender and realtor.

When we recently bought our home, we decided to get prequalified before making a bid.  This is free to do, and is important because it gives you leverage when making a bid and gives the seller peace of mind when choosing you during a bidding war.  

There is also a Preapproval processIf the seller sees that you are preapproved for the amount of your bid, it will make choosing you or having the option to choose you over other bidders, easier. Getting preapproved requires costs and proof of income, etc.  It can take a few weeks to get preapproved, especially now with covid and banks being shorter staffed,  with employees sometimes working from home. So, if you plan on looking in the near future, you may want to start the process now.

There are many different types of loans you can apply for, and if you’re a veteran or first time home buyer there are special loans and rates available for you.  Each state has different first time home buyer loan options.

Here are some of the most common types of mortgages 

You can click each link above to find out detailed information on how they work and if they’re right for you.

Remember,  the more homework you do before buying a home and applying for a mortgage, the less stressful the situation will be. null