A Mortgage You Can Count On
When it comes to applying for a mortgage, it’s important to understand your options, budget, and housing needs. At Apollo Trust, we know the local housing market and how mortgages work. More importantly, we know the needs of our customers.
How Much House Can You Afford?
If you’re new to the home buying market, we can help you make an informed decision.
First, we’ll work with you to determine your goals and budget. We’ll also take the time to review specific needs. What style of home do you wish to buy? What neighborhoods are most desirable? Needs are further narrowed by family, hobbies, and lifestyle.
The next step is to review your budget. Experts recommend that your mortgage payment not exceed 28% of gross income. However, this is an individual decision. Whether or not you’re conservative with your spending, it’s always wise to underestimate what you can afford. Take a realistic look at your budget and how a mortgage payment will impact cash flow.
Other Potential Costs
As part of your housing budget, you’ll want to consider your monthly payment, taxes, and insurance. Utilities are another expense to calculate. What can be more difficult is determining the cost of a home’s upkeep and maintenance after you close the loan.
Choosing the Right Term
We’ll review your mortgage options based on several factors. For example, we’ll look at how long you plan to stay in the home. This point will be key in determining the length of term or product you select. For example, if you don’t plan on being in the home for long, an ARM, or Adjustable Rate Mortgage, may make more sense than a traditional or fixed rate option.
Consider a Prequalified Loan
Getting prequalified for the loan before you shop can make a difference in having an offer accepted. It also helps you to stay within budget. There’s no commitment, but it will make your offer more appealing to the sellers. You’ll also want to look for a reputable realtor. Ask friends or co-workers for a reference; choose someone who is experienced and has a solid reputation in your market area.