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Knowing When You’re Ready To Buy A Home

Knowing When You’re Ready To Buy A Home


Knowing When You’re Ready To Buy A Home

It’s important to consider many things when determining if you’re ready to buy a home.

By taking adequate time to evaluate your finances and to find the perfect time to buy, you can make sure that you have a successful and streamlined home-buying experience when you do contact a mortgage company.

Lease

Are you currently locked into a lease? If so, then you’ll know when the best time is for you to purchase a home (after the lease ends, of course). Because of this, don’t start looking at homes until near the end of your lease so that you don’t fall in love with a house that you can’t buy immediately, and you aren’t stuck paying large penalties in order to get out of your existing place early. Some landlords may allow a sub-lease but you should determine that before you start home-shopping.

Knowing When You're Ready To Buy A Home

Large Debt

If you have a lot of debt, it may not be the right time to buy a home. Remember a mortgage is a long-term debt and a big one at that, and if something happens to your income, you could possibly have to default on your loan or have your home foreclosed on. Take a close look at your finances and employment security to determine if you can confidently enter the home-buying process.

Knowing When You're Ready To Buy A Home

Affording a Fixed Mortgage

The advantage of a fixed-rate mortgage loan is that the borrower is protected from sudden increases in their monthly payments. An adjustable-rate mortgage from a mortgage lender, also known as an ARM, changes with the market. If you’re unsure of your income or have a large amount of debt, a fixed-rate mortgage is a necessity.

Knowing When You're Ready To Buy A Home

Maintenance and Other Costs

Remember that when you buy a home, in addition to your mortgage, you will also have payments for property taxes, insurance and maintenance expenses. This means that if the furnace breaks or a faucet leaks, you are responsible for the bills. All of these things can add up, so ensure that you have adequate savings on hand for unexpected expenses when determining whether you’re ready to buy a home.

Knowing When You're Ready To Buy A Home

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020