Monday, December 28, 2015

The Role Of A Mortgage Broker In Buying Your Dream Home

Mortgage brokers work to help make the dreams we have made come true.  Working in conjunction with real estate professionals, mortgage brokers lead home buyers to the perfect home that is well within their budgets, including the hidden costs buyers often find out later that sooner when buying a home.  The following tips will help you to avoid mistakes that you may end up regretting later on.

Budget Carefully:  The goal is to budget the expenses you have with the new home in a way manner that allows you to remain comfortable.  Bigger isn’t always better.  A large home with a mortgage to match isn’t going to bring you the happiness you desire if your lifestyle has to change drastically to afford it.  Plan ahead to avoid hidden fees within a mortgage such as primary mortgage insurance or PMI which is insurance that is paid on top of home owners insurance that guarantees the payment on the mortgage.  In order to avoid this cost it is imperative to save enough money for a large enough down payment.  Most mortgage lenders require twenty percent of the face value of the home loan to be placed down on the home to avoid paying an extra monthly PMI.  

Research Mortgage Brokers or Possible Lenders:  Meet with professionals to discuss what options are available to meet your mortgage needs.  There will be several options that fit your needs but one will fit your needs better than all the rest.  In order to evaluate if you will be able to afford the monthly mortgage payment make a list of all of your current expenses and anticipated costs with moving into the new home.  If you need to make renovations or want to improve the home in any way you must calculate those expenses in to the overall monthly budget to ensure you will be comfortable with the outgoing monthly payments.

Hire a Local Real Estate Agent:  A local agent knows that the area in which you are searching inside and out and therefore can lead you to the best neighborhoods and locations to fit your needs.  They will be able to point you in the direction of recreational areas, schools, hospitals and more.  Your agent should offer you a block of time in which to view the options in housing that fit your needs and work within to your budget.  They will help you throughout the buying process and won’t stop searching until you have found the perfect home.  This process will go a lot smoother with the help of a professional agent verse going it alone.

Once you find a home within the pre-approved amount from your mortgage lender and within your specifications it is time to make an offer on the home.  Don’t try to time the market because while you are waiting for a lower rate another buyer is swooshing in to purchase the home of your dreams.  Your agent, along with help from local mortgage brokers can work with you to decide upon a reasonable offer to make including the items that were found in need of repair within the initial inspection.  

After this is done and the offer is presented negotiations may begin.  Once an offer is accepted the legal procedures are started and this eventually leads to you and home ownership.

 Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at

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