Did you know that the government backs almost 90% of all home loans in the United States? Pretty incredible, right? Because of this, it is important to keep an eye on current mortgage market conditions; the government is constantly changing rules, regulations and guidelines.
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So, if you are a new buyer of just in the market for a new property, the wise thing to do is make sure you do your research before applying for a mortgage. Look into various companies and know the newest laws.
There are also other things you can do to make sure you get the best deal.
- Make sure you have a strong credit score; 740 is a great number to shoot for.
- If you can, save up 20% to put down on a home; this will help you avoid PMI insurance (an additional cost).
- Even if you can't put down 20%, see if you can save more than your original plan. Every bit counts.
- Don't forget to save money for closing fees and paperwork.
- Even if you see rates rising, hold off on buying a home until your credit and finances are in order. This will save you money in the long run.
- Don't go with the first company in the phone book. Shop around and get different rates.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Bloomfield Twp, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.