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Newlywed Mortgage Tips

By: Jon Gant

First off, be mindful of interest rates! You need to find the lowest rate possible (this goes without saying). In addition, make sure you get a fixed interest rate. Variable rates are dangerous because they can increase after the initial rate expires.

Be attentive of what you can pay for. There is no need to hurt yourself money-wise right off the bat. Keep in mind that you don't want your mortgage to exceed 20% of your income after taxes.

If you are a veteran of the military your state could have a program that offers competitive rates. In addition to being qualified for a VA loan, which doesn't require a down payment, mortgage programs for veterans usually offer much lower rates than banks. The best thing to do is to find out if your state has a veteran's mortgage program.

It would really behoove you and your spouse to rent at first. A lot can occur during the first years of marriage while you and your spouse are choosing where you want to buy a house. A huge advantage of waiting is it lets you to save money which you can use on the down payment.

Paying a down payment when getting a house can get rid of that irritating home owner's insurance cost. Home owner's insurance (not to be confused with home insurance) is a fee that mortgage companies charge when a home buyer cannot afford a down payment. The monthly home owner's insurance payment is included in with the monthly mortgage payment (note they are two separate things) and frequently is paid out over ten years. This separate money protects the mortgage company if the house gets foreclosed.

Yet another advantage to waiting is it gives you time to boost your credit score, which will get you a better rate. To boost your credit score, get one credit card for each of you with a low limit and low interest rate, and make a payment on it every month on time. These timely payments will be reported to the credit bureaus and will cast you in a good light with them.

Another significant point to take into account is getting a 15 year mortgage rather than a 30 year mortgage. Then, make bi-weekly payments rather than monthly. Doing this will make 13 payments a year instead of 12, and you will pay off a 15 year mortgage in roughly 11 years! And, you will also be creating indispensable equity in your home.

Most banks will be glad to help you with this. In fact, most banks have programs which will automatically take the money from your account bi-weekly (I have mine set for paydays). This is great because you don't have to be bothered with writing a check and lose sleep if your payment will make it on time. Just make sure the money is there!

Purchasing a home for the first time can seem daunting, but being patient will help in the long run. Remember, most importantly, to be patient when buying a home. There is a lot to think about and being hasty will not help you in the long run.

Article Source: Main Articles

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