Successfully buying the home of your dreams takes being a savvy homebuyer. Here at Jeremy Walsh Real Estate we want to teach you how to truly be a savvy homebuyer. Here are three tips that will get you started:
- You want to score a low-interest mortgage. So you should consider an adjustable-rate mortgage. One of the most popular adjustable rate mortgages is the 5/1 ARM. This adjustable rate mortgage gives an introductory rate that usually lasts for five years. Once the five years have passed, you will have the opportunity to change your mortgage rate annually to keep your monthly payments from going sky high. However, a fixed rate mortgage is always the safest option for a homebuyer.
- Know Your Credit. The higher your credit score, the better your mortgage deal will be. Try to have a credit score 740 or higher to receive the best combination of fees and points.
- Always ask for three or four loan options/scenarios. You never want to focus only on the interest rate of a loan. Look into at least two combinations of discount points and loan types. To estimate the best loan choice for you, go for the amount of years you will definitely live in the house and compare that amount of years to your total fees and monthly payments.
You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for you!