As a new homeowner, it would be wise to remember that monthly mortgage payments aren’t the only expenses that you’ll be paying. You will be paying property taxes, homeowner’s insurance, and maintenance costs. Therefore, you should ensure you have budgeted for all these monthly obligations. Communication is key for a smooth transaction. Questions that you may have about the property need to be addressed by the Realtor. Questions that you may have about the mortgage transaction need to be addressed by the mortgage loan officer. The real estate mortgage interest rates can move up and down quickly, due to various financial and market factors. Mortgage lenders can not lock your interest rate until the seller and buyer have signed the purchase agreement and are under contract. The ever-changing rates can confuse almost anyone, and timing is important. For instance, one day, the rate might be 5% and the following day it could rise to 6%.
Credit ~ Weldon & Maria Phillips
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