Since, in most cases, the value of your home represents your unique and most important financial asset, doesn't it make sense to proceed, in the wisest way possible, and to do it in the best possible way. be prepared, with relevant knowledge, etc.? Most people depend on the guarantee of a MORTGAGE, in order to buy, their part, of the so-called, American Dream, and, therefore, the more we know, and understand, about the process and the necessities, After, the more; a decade, as a licensed real estate salesperson, in New York State, I have observed far too much of potential buyers, otherwise qualified, ill-prepared, in this area. With that in mind, this article will briefly examine, examine, review, and discuss, using the mnemonic approach, what this means and stands for.
1. Means; patterns; motivating; money: Do you have the financial means to raise the down payment and other sums necessary for the closing? Carefully examine and understand your personal motivations and what you are looking for and can afford! What is it that motivates you, to move forward, to fulfill some of your personal dreams and aspirations?
2. Options; offers: Mortgages are not universal. They come with different lengths of due date and time. a deposit. They also have different formats, from fixed rate types, to a variety of different variable rate types! The better one knows and understands the offers available and determines which ones best suit their personal situation, etc., the more effectively they will determine the options they are looking for!
3. Reasons / reasoning; realities; rates; relevant: What are the reasons you want to buy a home and how does your reasoning better prepare you to make the most meaningful decisions on a personal level? Be objective and introspective, in order to realize your true personal realities! Compare rates and terms / conditions, and read the fine print!
4. Time tested; timely: Do your research and understand the tried and true realities of mortgages! In constantly changing markets, rates often fluctuate, and therefore, making your decision in a timely manner can make a significant difference, in the rate you receive and, therefore, your monthly costs!
5. Growth / growth: Our personal growth, means, we sometimes experience growing pains and, therefore, let's face it, relationship, financial preparation and enjoyment of the experience, are linked!
6. Warning; attitude: Adopt a thoughtful, positive, able-to-do attitude, so that you seek, in the best way, to overcome obstacles, in a solution-oriented manner, rather than dwell on the negative aspects! The more attention we pay and realize possibilities, ramifications, and contingencies, the better the process runs smoothly!
7. Bigger: Why do you think owning a home yourself will make your life experiences greater?
8. Earnings; emphasis: Your bank or other lending institution, exam, a lot of things including your credit history etc. A key consideration is the level and security of your income and your income history! Know your emphasis and be prepared!
Better we understand some of the MORTGAGE necessities, the less stressful the process, usually is! Will you be ready?