Three best questions to ask before buying your new home
Whether you are a first-time homebuyer or looking to upsize or downsize your living space, it's important to feel confident in your decisions. Before looking for your new home, consider the following questions:
Do I feel prepared?
In today's competitive housing market the sooner you start preparing your finances, the easier it will be to beat the competition. Make sure you know your credit score, determine your budget, save for a down payment and get pre-approved for a mortgage. A little preparation will position you to get the best financing available and make a competitive offer.
What can I expect my interest rate to be?
There a few variables that determine an individual's mortgage rate; your lender, the type of loan you get, and your credit score, will all affect your interest rate. Take advantage of historically low-interest rates. Since a smaller portion of your monthly payment will be put towards interest, you may be able to afford a little more home than you might in a higher rate environment.
How will I finance my new home?
When buying your new home consider the length of the loan and the type of loan that is best for you. National Iron Bank is here to answer all your home financing questions and make sure your mortgage works for you. From providing helpful tips to keep you on track in achieving your goals to automatic mortgage payments to match your income cycle, National Iron Bank works for you.
