Buying a property
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Buying a home is one of the biggest decisions you will ever make. At Dancing Star Realty, we'll make sure the process is a dream come true. We'll investigate each property that interests you; tell you its history, its repairs, and help uncover any potential issues. We'll run a market analysis on the home and make sure that it's not over priced and help project what equity gain to expect over time. We'll guide you through the loan process, help decide which program will set you up for long term security, and if need be, help connect you with a lender.
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Resources
It's best to know all you can about the home buying process. Take a moment to look through these Frequently Asked Questions to fill in the blanks on any questions you may have—or you can call (719) 339-2623 right now and get the answers.
- Which is better, fixed or adjustable mortgages?
- A fixed rate mortgage carries the same interest rate and payments over the life of the loan, whereas an adjustable rate mortgage might have an initial payment advantage but may rise over time based on prevailing interest rates.
- How much will my adjustable rate payments be?
- This is difficult question to answer as it determined by prevailing interest rates. Your lending company will be better suited to answer these questions. If you are in need of a lender, contact us at (719) 339-2623 for a list of recommended lenders.
- Should I pay points to lower the rate?
- The decision to pay points on a mortgage rate depends on whether you can afford to make a higher interest rate payment and how long you plan to have your mortgage. The longer you expect to keep the mortgage, the more sense it makes to pay for the points now because you'll have a longer time to benefit from the lower interest rate.
- Which is better, a 15- or 30-year loan term?
- The decision you make is generally based on your financial health and long term plans. A 15-year mortgage carries a lower interest rate, but the monthly payment are higher. Overall with a 15-year note, you end up paying less in finance charges than a 30-year loan.
For example, a 15-year loan at 4.32 percent would carry a monthly payment of $1,889 and overall interest payments of $90,121, whereas a 30-year loan at 4.83 percent would carry a monthly payment of $1,316 and overall interest payments of $223,832. Comparatively, the total savings in choosing a 15-year mortgage over a 30-year amounts to a savings of $133,710 for the life of the loan. - What financial documents will I need to apply for a mortgage?
- Typically you will require the following documents to apply for a home loan: Paycheck stubs, W-2, bank account statements, investment statements, and recent tax returns.
Mortgage calculator.
First thing's first, let's find out how much you can borrow.