Mortgage Monday: Shopping For a Mortgage, continued

Shopping For a Mortgage

Before you begin shopping for a mortgage, you should decide which mortgage program is the best for your situation. A mortgage is a major purchase, so it is important to know that you have the right program for you. Today’s market offers borrowers a tremendous choice of loan products and new opportunities that never existed before, so it pays to educate yourself on the different types of loan programs.

Choosing the right mortgage requires you to reveiw your financial objectives and ask question such as

  • How long do you plan on staying in the house or with the loan?
  • What amount of monthly payment can you comfortably afford?
  • How much money do you have for a down payment?
  • Is paying the mortgage off early important?
  • Do you intend to make extra principal payments?
  • Is your income projected to remain stable or increase?

Your tax bracket, your expectation of the future of interest rates, and adversity to risk are also important factors to consider when choosing a mortgage loan.

To Be Continued…

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