Finding the perfect new home is daunting and financing this dream home can be an even more challenging. Most new home buyers do not arrive at contract signing with a personal banker in hand.
Most find the struggle to find the right mortgage and lender significantly more difficult than locating their new home.
Before you get caught up in the emotional roller coaster of purchasing a new home, consider your financing options and calculate a realistic budget. Once you know what loans are appropriate for your new home, you’ll be able to calculate a true budget for the purchase. This planning will allow the home closing and move in to be stress-free and much more enjoyable.
Local Michigan lenders offer online tools for reviewing mortgage options and selecting the right loan for your current financial situation. One such lender is Quicken Loans. Their website offers a good overview of mortgage options, as well as calculators for monthly payments.
As with most things in life, a little planning will go a long way. Purchasing your new home is a perfect example of this old saying still having it’s place in our modern world.
Article by: Jennifer Elkow
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