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 6 Things You Must Know Before You Buy

Before you commit your hard earned dollars to monthly mortgage payments, consideration of these important areas can make your payments work much harder for you.

1. You can, and should, get preapproved for a mortgage before you go looking for a home.    Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Your local lending institution can provide you with written preapproval for at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank. It emtails a completed credit appication, and a certificate which guarantees you a mortgage to the specified level when you find the home you're looking for.

2. Know what monthly dollar amount you feel comfortable committing to.   When you discuss mortgage preapproval with your lender, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable with. Your situation may give you a preapproval amount that is higher (or lower) than the amount of money you  would want to pay out each month. By working back and forth with your lender to determine what this monthly amount is, and what value of home this translates into at today's rates, you won't waste time looking at homes that are not in your price range.

3. You should be thinking about your long term goals, and expected situation, to determine the type of mortgage that will best suit your needs.  There are a number of question you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in, and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other question will help you determine the most appropriate mortgage you should be seeking.

4. Make sure you understand what prepayment privileges and payment frequency options are available to you.   More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. Simply by structureing your payments so that they come out more frequently, will significantly lessen the amount of interest that you will be charged over the term.  For the same reason, authorized prepayment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably. THESE TWO PAYMENT OPTIONS CAN CUT YEARS OFF YOUR MORTGAGE AND SAVE YOU THOUSANDS OF DOLLAR IN INTEREST. However, not every mortgage has these prepayment privileges built in, so make sure yu ask the proper questions.

5. Ask if your mortgage is both portable and/or assumable.   A portable mortgage, where available, is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home.

6. You should seriously consider dealing with a Mortgage Expert.  Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain. For example they can make the process faster thereby avoiding costly delays. Typically there is no cost or obligation to enquire.  

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