Get pointers from this short video - start by thinking about your situation, and consider some key issues
As you will see in this video, unless you have a buyers agent remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential.
There are mortgage options now available that only require a down payment of 5 percent or less of the purchase price. Remember - the larger the down payment, the less you have to borrow and the more equity you will have.
What are the Ability to repay rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrowers capacity to pay back their loan over time.
For both, as we show you in this video, compared with other options, with fixed rates, housing costs will not be affected by interest rate changes and inflation. Compare payments, principal and interest totals to make a decision.
Well, as this story shows, the amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment.
Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, points are essentially prepaid interest with each point equaling 1percent of the total loan amount.
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes homeowners insurance, and mortgage insurance, if applicable.Watch this video and it will make sense.
Like the video shows, mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages.
Like the video says, there are no easy ways to improve your credit score but you can work to keep it acceptable by maintaining a good credit history.
Purchasing a home is exciting, but closing costs can accumulate quickly. Watch this video to have a good mental picture of the costs that youre likely to incur.
As we show you in this video, an escrow account set aside a portion of your monthly mortgage payment to cover annual charges for homeowners insurance mortgage insurance (if applicable), and property taxes.
Which Mortgage Is Right For You?
Know your mortgage options! Speak directly with a licensed Colorado mortgage originator.
