Chances are you will need to borrow funds from a mortgage lender. In exchange for loaning you those funds, the lender will place a lien against the home. This allows them to foreclose if payments are stopped. The required down payment to purchase a home is usually 3 to 5 percent but can be as much as 10 or 20 percent, depending upon your specific mortgage loan. There are many types of loans including fixed-rate, adjustable-rate and convertible mortgages, as well as various time periods, although 30-year and 15-year mortgages are the most common.
My experience as a mortgage broker is very beneficial at this stage of the buying process. I will help you and your spouse shop around for the loan that is best for your situation and focus on factors such as interest rate, points and processing costs.
Give me a call at 832-647-1769 or send me an email at donte@TheNewlywedRealEstateAgent.com
Next week, we will finish the buying process series with everyone's favorite part...THE CLOSING!
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