New Home

When 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??

You 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.

Although 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.

On 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.

Only 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 see:

1) Your current credit rating (obtained most often through your mortgage lender)
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 money down).
3) Your work history and current pay stubs.
4) The most recent copy of your bank savings & checking account statements.
5) A description of your current monthly debt balances and payments.

When choosing a lender, consider the following:

1) Does the lender specialize in making loans where you want to buy?
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
your questions?

It 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.