FIGURE OUT WHAT YOU CAN SPEND - THEN START HOME SHOPPING!

Before you go out looking for a home, you can get an idea of what you can afford by using our Finance Center Tools. These handy tools will help you estimate how much mortgage you can handle.

Think you can't buy a house without a 10% or 20% down payment? Thanks to more lenient government guidelines and new mortgage products, many people can now get into a house for a 0% down mortgage. There are even some special programs for first-time buyers that help with closing costs. Check with Property Mortgage to find about all the mortgage programs available to you.

The Benefits of Equity

Equity is the principal part of your monthly payment that you can use as a down payment on a new home, or collateral for a home equity loan. You can use a home equity loan to finance home improvements, a child's college tuition, or a new car.
Real estate is also a great way to invest against inflation. Homes in general have been appreciating at a steady 3% a year. In several communities, it's closer to 6% per year. (Your real estate agent can provide you with the housing appreciation rates in the areas in which you're interested in buying.)

Pre-Qualification vs. Pre-Approval

Pre-qualification is an estimate of how much you could afford. With a pre-approval, it's just that: getting your mortgage approved prior to going out and looking for a new home. There are other conditions that can affect the final approval of your mortgage. Your Property Mortgage Representative will explain these to you.

Your Property Mortgage loan officer will show you which items you should bring to apply so neither of you will need to wait for various written income, asset and liability information. With a Property Mortgage consultant, you can get your approval quickly.