Are you considering a fairway mortgage in Arizona? At The Potempa Team, we guide you with the mortgage loan process and help you in choosing the right mortgage for you. Get your pre-approval today.
Tips on home mortgage loans
Some loans programs require a minimum of 10% of the loan amount as down payment while some only require 3.5% for the down payment. The critical point to remember is when you pay more money as down payment; you only have to pay a lesser amount as the monthly mortgage insurance. Hence choosing a home within your budget can help you pay a decent down payment.
It is not wise to be driven only by the interest rate when it comes to mortgage loans. Choose a lender that offers a lower principal balance with fewer fees. Furthermore, you will be more successful with your home investment when you buy a property within your affordable limits. A good investment should allow you to put down a decent amount for the down payment and a comfortable monthly installment.
Do not buy a costly house just because you are pre-approved for a higher amount. Make sure not to spend more than 28% of your total income on home mortgage payments. For more tips and advice on fairway mortgage in Arizona, get in touch with one of our consultants today.
Why is it important to get pre-approved?
Getting pre-approved allows you to have an accurate idea of your affordability which can help you look for houses within a certain budget. This way, you can narrow down on the neighborhoods where you can search for homes.
This will say you and your realtor a lot of time and effort. Sellers find pre-approved buyers more promising than those without a pre-approval. This is because they can start negotiating with buyers who have a pre-approval right away without wasting time. For more tips on pre-approval and home buying, speak to one of our consultants today.
Who should opt for a Jumbo loan?
Getting a jumbo loan depends on your credit score, assets, and the price of the house that you are buying. Jumbo loans are usually offered to those who fall in the high-income category and earn between $250,000 and $500,000 per annum. A jumbo loan exceeds the limits of the Federal Housing Finance Agency and home buyers go through a very strict and rigorous credit requirement process when applying for a jumbo loan.
Getting approved for this loan requires outstanding credit scores in addition to a very low debt to income ratio. However, jumbo loans stand at par with conventional loans with regards to the average APR. Jumbo loan applicants are expected to pay a down payment of roughly 10% to 15% of the total property price.
Get in touch with The Potempa Team today for pre-qualification and pre-approval. We understand how daunting the process of home mortgage can be, let us simplify it for you. For more information on Fairway mortgage in Arizona, get in touch with us today.