you plan your wedding you consider many things. Undoubtedly, housing
issues often come up and usually raise the following questions:
1) Will we be moving?
2) If we decide to move, where will we live?
3) What type of a home do we want and where do we want to live.
. . and the overwhelming question WHAT CAN WE AFFORD TO DO??
might want to consider approaching the question in a very organized,
factual manner, where each of you lists the various benefits of
renting verses owning. It is important to understand that the
decisions you make today, may affect your ability to save, invest,
and plan for the future.
home ownership may seem like a large item to consider, it is often
more affordable than you think. If you currently rent, then ask
yourself if your landlord charges you a monthly rent that is less
than the landlord's cost of ownership? Of course not, the landlord
usually passes along the costs of the property owned, the costs
of the home's maintenance, together with a reasonable profit -
all in the bill called "rent." After you send in your
rent check each month - what do you own? Nothing.
the other hand, when you send in your home mortgage payment, you
are gradually adding real ownership in something that is yours.
That is why actual home ownership is often a better idea than
renting. There are also certain tax deductions that make owning
a home a worthwhile goal.
a few of us have all the cash we need to purchase a home and so
you will probably need a residential mortgage to help finance
your purchase. If you contact a lender before you start house
hunting, you determine what your price range is. There are several
things that a mortgage lender will consider when prequalifying
your application for a mortgage. The lender will often want to
1) Your current credit rating (obtained most often through your
2) The amount of down payment you plan to make on the purchase
of the home and the
source of the down payment (you may be able to purchase with no
3) Your work history and current pay stubs.
4) The most recent copy of your bank savings & checking account
5) A description of your current monthly debt balances and payments.
choosing a lender, consider the following:
1) Does the lender specialize in making loans where you want to
2) How good is their customer service.
3) Do they even have a customer service department to help you
during the approval
process of your application
4) How long has the lender been in business?
5) Do they actually approve the loan with their own underwriters
or will they be
sending it to a second or third party for approval (this affects
approval time and
success of approval)?
6) Does the loan representative return your calls promptly and
get the answers to
is a good idea to contact a mortgage lender in order to determine
all the facts relative to this very important decision. Home ownership
can add to your quality of life and can be the setting for many
happy years of memories together. Your commitment to purchasing
a home, can help strengthen the quality of the commitment you
make to each other as you strive together to experience the American
dream of owning a home.