Monday, March 26, 2007

Meeting mortgage broker

Today after work I am heading to meet with a mortgage broker and I am excited, anxious and nervous. I will see what I qualify for and go from there. Ultimately I think I w ill decide what to buy based on what I am comfortable with my monthly payment being. I will be looking in to getting a first time homebuyers mortgage with a low down payment, so I have no idea what to expect the magic number will be as to what I qualify for, but I will let you all know tomorrow what I find out. Have a great evening all! ;)

3 comments:

Kansas Simplicity said...

Exciting news! I too have been thinking about the purchase of a home and the monthly cost. Some things I have found to consider are the following when the total monthly cost is considered:

Principle
Interest
Home Insurance
Property Tax
Mortgage Insurance (perhaps and depends on down payment)
Upkeep and Maintenance
Utilities
Home Owner Dues (perhaps and depends on area)

Good luck on your efforts and I am sure your credit rating and having cash, you are in control!

moneymonk said...

Stay away from Ajustable rate mortgages

as kansas suggest: factor in all the things she lists because the broker will not tell you

Paul said...

As a homeowner, I'll third that.. factor all of those expenses in and you'll know what you can really afford. From what I've seen of her TV show, Suze Orman always advises people to take such extra costs into account when asked if a certain property can be afforded, etc. In situations where being able to afford it is questionable, I've heard her tell people to figure out the true cost and try saving that much every month for like 6 months or so.. if they can't do it with relative ease, they'll know they're not ready to take the plunge just yet and will have accumulated some savings in the process.

With your excellent score and saving habits, it sounds like you'll be able to handle it just fine. Good luck on finding the right place!