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How much do you need for your first mortgage?

There is a lot more than meets the eye when it comes to getting your first mortgage. You need to look at a few different factors above and beyond just the rates and the terms that are presented to you. Obviously you’ll pay attention to the fine print and set a budget that involves more than just paying the bank back the cash you owe them.

The big picture is one of the easier parts to look at. Submitting the required information to a lending institution will get you pre-approved for a certain amount that you can then start shopping with. You’ll generally be required to list your assets and the purchase price of the home you’re looking at to get started and some additional information will be needed too.

Remember that you don’t need to go right to the limit and borrow the full amount that you qualify for. Beyond the loan from the bank, there are other expenses that you’ll need to consider like property taxes and utility payments. While these other payments shouldn’t be tied to the amount of the loan you’ll be asking for, you do need to consider how these other expenses will draw on your monthly income.

Take advantage of online tools that help you put things in perspective. For example, there are debt-to-income ratios that the banks and other lending companies typically use and by putting down a bigger down payment, you lower the amount you need to repay.
Drawing from a choice of over 40 lenders from major banks to private sources, Derek Lacey, AMP is the Mortgage Alliance agent dedicated finding you the right terms and the right Mortgage for your needs. Email him at or call 519-624-9550. You can also visit his website at .

 

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