You’ve probably seen the state of many homeowners in recent times if you have been following the real estate market.
Many homeowners face foreclosure due to rising interest rates and falling home prices.
A 58 percent rise in home foreclosures in the first six months of 2007 was a sign that one in 134 U.S. homes is heading toward foreclosure. These numbers are not good news for homeowners but homebuyers should take advantage of the market, especially first-time buyers.
Sellers are dropping their prices which makes it a great environment for potential buyers. But buyers need to be educated.
Market Street Mortgage experts are here to help prospective homebuyers get on the right track to home ownership.
* Detail your finances. Take a look at your income and expenses monthly to see what you have left. To determine if you can cut costs, examine your expenses.
* Determine a price range. Based on your budget, determine how much you can comfortably pay each month for a mortgage payment. Once you have the number, you can access an online mortgage calculator.www.marketstreetmortgage.comTalk to a mortgage advisor to determine your price.
* Check out the Federal Housing Administration loan options. This type of loan has been in existence for over 70 years. It is also backed by the federal governments. These loans can allow you to pay as little as 3 percent down if you are qualified. You may also be eligible for financial assistance through certain programs in your locality.
* Consider your future. To help you choose the best mortgage option for you, think about what your future holds. Are you planning to stay in the house for three years? Or are you and/or your spouse looking to start a family and make this your family home. These considerations will help you decide the best mortgage for you.
* Shop around. Ask your mortgage consultant to compare loan products. A fixed-rate mortgage might have a lower rate than an adjustable-rate mortgage. But, have you ever compared it to an adjustable-rate mortgage? A fixed-rate mortgage may be the smarter choice if the rates are comparable.
* Enlist an expert. A real estate agent will be patient with you and offer the necessary expertise to guide you through this process.
Visit this site for more tips and tricks for homebuyers www.marketstreetmortgage.com.
