Mortgage Regulations Have Changed . . .
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.
Get the Right Information
Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors involved.
Industry research has revealed that there are 6 common mistakes that most homebuyers make in mortgage shopping that can have a significant impact on the outcome of this critical negotiation. If handled correctly, these issues could result in a mortgage that will cost you less over a shorter period of time.
6 Things You Must Know Before Obtaining a Mortgage
Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important areas can make your payments work much harder for you.
Here are 2 out of the 6 that you should know about right now.
1. You can, and should, get preapproved for a mortgage before you go looking for a home.
Pre-approval is easy, and can give you complete peace of mind when shopping for your home. Your local lending institution can provide you with written preapproval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.
2. Know what monthly dollar amount you feel comfortable committing to.
When you discuss mortgage pre-approval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a pre-approval amount that is higher (or lower) than the amount of money you would want to pay out each month. By working back and forth with your lending institution to determine what this monthly amount is, and what value of home this translates into at today’s rates, you won’t waste time looking at homes that are not in your price range.
So here are 2 out of the 6 in an effort to draw attention to this very important topic. If you would like to see all 6, I have put together a free report entitled
”6 Things You Must Know Before You Buy" which explains the issues in greater detail.
To order a FREE Special Report, visit https://www.pileggirealestateteam.com or to hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-844-707-8053 and enter 1007. You can call any time, 24 hours a day, 7 days a week. You can also text me at 416-917-6566
Receive your free special report NOW to find out what you need to know to make your move-up to a larger home worry-free and without complication.
Thank you for reading this week’s blog and Go Serve Big!!!
Tom Pileggi, Broker
Pileggi Real Estate Team
Your Home Sold Guaranteed or We’ll Buy It* - If you or anyone you know are considering making a move, feel free to give me a call or pass on my number!