With numerous options to choose from, deciding which mortgage is best for your personal situation can be an overwhelming process. Whether you’re buying your first home—or even your third or fourth—the last thing you want to do is fall in love with a house you can’t afford.
While you may have gone online and used a mortgage calculator to figure out that you can afford a home close to $350,000, it’s important to take your full financial picture into consideration.
One way to determine exactly how much you can borrow is to consider three times your annual household income and subtract your debts (college loans, car loans, etc.). You’ll also want to meet with a mortgage professional before you begin looking at homes to get an accurate reading in regard to what you can truly afford. Knowing this figure ahead of time will save you heartache in the long run.
Lenders consider a variety of things before deciding your qualifications on a mortgage, including one’s employment history, credit history, FICO score and debt. You should know going into the meeting what these figures are to make the process smoother.
You’re also going to need to know the type of mortgage you want. Most first-time buyers will opt for a 30-year loan, but if you have the money, there are benefits to getting a 15-year-mortgage. A fixed-rate mortgage is for those concerned about where rates may go, but adjustable-rate mortgages are popular these days because of the low interest rates. Just be wary that interest rates can rise at any time, and your payments will rise with them.
Another factor to consider is how much of a down payment you want to place on the home, as this number will affect your mortgage. There are special mortgages available for those who qualify that allow for a buyer to put little to no money down, but this will cost you more in interest payments in the long run. For some buyers, this may be necessary because they may not have the equity needed to make a down payment.
There are also special loans available for those in the military, so keep this in mind if applicable.
To ensure the entire process is as smooth as possible, meet with a mortgage professional early in the process so that you understand your options and have a good sense as to what’s available. By collecting all the proper paperwork ahead of time and knowing one’s true worth, it can make the mortgage process much easier for everyone involved.
Reprinted with permission from RISMedia. ©2014. All rights reserved.
Debbie Woolard Group
(757) 288-0194
www.DebbieWoolard.com
Excellent Service – Excellent Results
Buyers Agent/Sellers Agent
Our focus is helping people find and exchange dream homes. We are seeking buyers and sellers that desire concierge level service including great communication, extraordinary representation and a continuing relationship for years to come.
You and your referrals will be provided with a great team of professionals to help with each step of the process. We are committed and passionate about negotiating the best possible terms and serving our clients at the highest level. Our goal is to create memorable real estate experiences where our clients become raving fans.
Our clients benefit by having a Certified Negotiation Expert on their side. This provides them with better results, a smoother process and greater satisfaction.
Whether a person is looking to buy or sell a starter home or a multi-million dollar estate, Debbie Woolard produces great results for her clients. She gives clients what they expect and deserve, an experienced realtor skilled in marketing and negotiations.
With Debbie Woolard, you will receive personal service as well as exceptional professionalism. She is well qualified for her work with her strong background of sales and marketing. Having been born here and continuously living in the area, she is familiar with the entire Hampton Roads region.
She has earned the professional designations of Certified Negotiation Expert, Certified Residential Specialist, and e-Pro. In addition she is also a Short Sale and Foreclosure Resource with extensive training in short sales and foreclosures. This uniquely positions her to help those in danger of losing their home to foreclosure. It has also proven to be beneficial to the buyers that are seeking to purchase a short sale or foreclosure.
She is well qualified to help professionals, business owners, military personnel and other clients with their real estate needs. She has been selected to work with both the Military Team and Relocation Team. She is consistently producing outstanding results in real estate.
Her first year in real estate she was awarded Listing Rookie of the Year as well as Sales Rookie of the Year. Her sales and loyal following of satisfied clients have grown each year she has been in business. She is in the top 1% of the agents in the area based on sales volume. Her practice continues to flourish thanks to clients recommending her to friends, family members and business associates.
Her clients state that her actions and attitude are best described with the word “integrity”.
Realtors with the Debbie Woolard Group service Virginia Beach, Chesapeake, Norfolk, Suffolk, Hampton, Newport News & Portsmouth with specialist in seller representation, buyer representation, military relocation, first time home buyers, short sales and real estate investment.