Home Buying Begins With Doing Your Home Work

		Thinking about buying a house? That usually means taking out a mortgage: borrowing money to buy a home and using that home as collateral for the loan. Few people can buy a home for cash. Nearly nine out of ten buyers finance their purchase. This means that virtually all buyers, especially first-time purchasers, require a loan. The real issue with real estate financing is not getting a loan because anyone willing to pay hefty interest rates can find a mortgage. Instead, the idea is to get the loan that is right for you: the mortgage with the lowest cost and best terms. Start the mortgage process well before bidding on a home. By meeting with lenders and looking at loan options, you will find which programs best meet your needs and how much you can afford. The amount of money you can afford depends on your income, the down payment, current mortgage rates, and the amortization period you choose. Through discussions with loan officers in advance and identifying mortgage programs, it will eliminate the need to find a lender in a hurry so you can avoid rushing into a financing decision that may not be the best option for you. Knowing in advance how much you can afford will make your house hunting experience much more pleasant because what is the use of looking at beautiful homes only to find out at the last minute you do not qualify?). It also provides your Realtor the opportunity to find the best homes available for sale in your price range. Another advantage of doing your mortgage homework in advance is something called "pre-approval", that could save you thousands of dollars in the long run and provides you with a sound start during negotiations with a home seller. Having your letter of pre-approval will show sellers that you are serious and that you are able to afford the home (see Pre-Approval). Another important step is to choose a Realtor who will help you in finding homes for sale matching your requirements, and who will assist you during negotiations with home sellers. Do not underestimate the importance of having a qualified real estate professional acting as your representative.		alltorontomortgages Michael Pezzack Mortgage Consultant Lic. # 08003302 tel: 416-850-2642 fax: 416-850-2643 cell: 416-358-1295 toll free: 1-866-644-4613 Scott Henson Mortgage Consultant tel: 647-238-8232 fax: 416-850-2643 toll free: 1-866-644-4613
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