Financing Your Home Purchase
Unless you are in a position to pay all cash for your home, you will need
to obtain a home loan (mortgage) to complete the purchase. I will
assist you in this process to help ensure that you obtain the financing
that meets your needs.
- Being pre-approved for a loan before you submit an offer will put you
in a stronger negotiating position and can save time in the loan
approval process.
- I an put you in touch with experienced loan officers at leading mortgage
companies. Your loan officer will be your principal guide through
the financing process.
- Various financing options may be available to you, including:
- Fixed Rate Mortgage
- Adjustable Rate Mortgage (ARM)
- Government-assisted (FHA or VA) financing
- Seller-assisted financing
- You can expect the lender to ask for standard information regarding
your income, expenses, and obligations.
Common Mortage Terms
A monthy mortgage payment can contain serveral components:
- Principal - The original balance of money loaned. As the loan
is paid over time, the principal is the remaining loan balance.
- Interest - The charge for the use (loan) of money. The interest
rate remains constant in a Fixed Rate Mortgage. The rate can vary
according to specified guidelines over the life of an Adjustable
Rate Mortgage (ARM).
- Property Taxes - The county assessor charges property taxes based on
the value of your home. Two tax installments are due each year.
- Insurance - Protection against loss resulting from certain hazards,
such as theft or fire. The standard policy pays replacement costs,
minus depreciation based on actual cash value. You will need to
obtain homeowners insurance from your own insurance agent.
- Private Mortage Insurance (PMI) - Loans with smaller
down payments involve greater risk for the lender, who requires protection
in case the loan goes into foreclosure. Without
PMI, lenders would be reluctant to offer loans with lower down payments. Anything
less than 20% down payment usually requires PMI.
FREE Relocation Package for the Dayton Ohio Area
Yes, I would like a free relocation package that
contains maps,
school information, and brochures on local attractions! Please
send to:
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