Mortgage options are available, but one most make the call and do the homework. When a buyer is looking for a mortgage, I always suggest that they contact three different types of loan companies. Bank and Mortgage Broker. Ask for their options and programs and ask for it in writing. "Good Faith Estimate".
Than sit down with all three and look at all the options, fees and the "APR".
All in all, make sure that you are comfortable with the monthly payment, which includes "PITI" the principal, interest, tax and insurance. Than add on an additional 50% of the that number for your own living expenses. (food, auto, personnel or and a trip for fun).
Now do you really have enough money to live on each month? Only you can answer that question. Be Real!
You house is your home and it is a place to relax and kick back, but not if the burden to live there is great.
Real Estate
Help for First-Time Buyers
By BOB TEDESCHI
Published: March 3, 2010
The State of New York Mortgage Agency, or Sonyma, is offering 30-year affordable-housing loans at 4.75 percent.
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