The following helpful tips and common mistakes to avoid will help teach you about “Smart Financing.” We know that if you are shopping for a new home you are probably shopping for a home mortgage also. We want to make sure your financing needs and the lender you're considering are a good match.

The charts provided below are for your convenience to help you decide how much you can afford monthly, and how much you can afford to borrow.

We have also included a mortgage calculator so that you may calculate your monthly payments.

GET PRE–APPROVED:
You can save a lot of time by obtaining a no–cost, no–obligation pre–approval before you start house–hunting or looking for property. Another benefit to being a pre–approved buyer is that you are considered a “cash” buyer in the eyes of the seller. You will want to be sure to find a lender who offers a pre–approval “cash” buyer. That's a great advantage over pre–qualified buyers'. At MTM Realty, we will help you to obtain the financing you need!

Some lenders offer same–day mortgage approvals while others can give you an approval in 5 to 7 days. A quick turn around means a quicker settlement which may make you a more attractive buyer – especially if the seller is in temporary housing. Ask each lender what options they offer.

LOOK FOR FLEXIBLE UNDERWRITING GUIDELINES:
Some lenders, for example, will be willing to count the earnings of a spouse who has a good work history but has not been employed yet in the new location. That type of flexibility may give you more buying power or make you able to purchase the home you want.

SEVERAL MORTGAGE OPTIONS:
Some lenders offer a selection of mortgages or even unique mortgage products. Look for other options that may suit your situation better such as a short–term mortgage or an adjustable–rate loan.

RATE–LOCK OPTIONS:
Find out what rate–lock options are available. Rate–lock is between the time when you agree on a mortgage rate and when you actually go to settlement. The shorter the lock time, the lower the interest rate you will have to pay!

NEGOTIABLE LOAN FEES:
Mortgage lending is a competitive business and some lenders will negotiate fees to get your business. Ask about all charges such as processing fees, underwriting fees or commitment fees. This can be a great way to save you money!

TEAMWORK, TEAMWORK, TEAMWORK!
At MTM Realty, we will work together with you and your lender. Team up with a lender who is willing to maximize your buying power, and team up with a real estate agent who specializes in your area to help you find the house that's right for you. Everybody wins when it comes to good teamwork! Call us today for more tips on how to buy more with less money!