Buying a house is a huge milestone in a person’s life, whether you are 18 years old or 80 years old! Before you begin the process, it helps if you know what to expect when considering a home mortgage. Here are Wisconsin Mortgage Corporation’s recommendations:
Avoid spending sprees. Getting ready for a new space and turning that space into your own is very exciting, but it can also tempt you to spend lots of money too. Lenders check your credit and recheck your credit leading up to the days that you finalize your mortgage. They can still change their mind, so wait until AFTER you have your new house to buy anything for it.
Consider getting a shorter mortgage. If you can afford a higher monthly payment, it’s something to consider. Loans are typically 10 to 30 years, and you can always pay early.
Check the interest rate. Many times, the shorter the term of the mortgage — 15, 20 or 30 year terms — the lower the interest rate. It’s a possibility that you could actually save money on your payment by choosing a lower interest rate and shorter term.
Check the lender’s record with the Better Business Bureau (BBB). The BBB is a great resource to learn about your potential lender’s reputation. Buying a house is a big decision, and you want to make sure your money is going to a trusted business.
Stay on top of payments. If there is any indication of delinquent payments, it may negatively affect your loan status. Make sure you know your payment date.
When you’re ready to discuss your mortgage options, call your Mortgage Lender with Wisconsin Mortgage Corporation. A trusted source in your buying process, Wisconsin Mortgage Corporation can help you finance your dream home.
Tags: buying a home, current housing market, Home, Home Buying, Home Sales, homes for sale, Housing Market, living in milwaukee, Mortgage, Real Estate, real estate advice, shorewest, Shorewest Realtors, Wisconsin Mortgage Corporation, wisconsin real estate