Mortgage In Philadelphia Tips
You’re reading this article right now because you are looking for a good mortgage in Philadelphia, right? Well that’s exactly what you’ll find here. Now, not only do you need a mortgage, you need a good mortgage with low rates and an affordable monthly payment. That being said, it is safe to say that people from all over the area are flocking to this website to find that sort of information to get the best home loan they can. Below are some great tips to help you find a mortgage in Philadelphia.
First things first.try to pay off all other loans first.
A big mistake with homebuyers is saving as much money as they can for a large down payment. Don’t be mistaken, this is a great idea, as a large down payment will result in lower monthly payments. However, many people end up taking on way too much debt at once (i.e. a mortgage in Philadelphia in addition to their credit cards, student loans, car loans, etc.) and are not able to cover all of their monthly expenses. They just dig themselves into a deeper hole and their homes end up being foreclosed by their banks. This would also look bad to the credit reporting agencies, resulting in a lower credit score. Please don’t make this mistake. If you think you may have bad credit.
Check Your Credit Score
One of the major reasons people don’t qualify for a mortgage in Philadelphia is because they have bad credit. If you know you are one of these people, be sure to work with a professional credit counselor to help eliminate any bad ticks on your credit report that you may have holding you back from getting a home loan.
Determine a target monthly payment
You really need to know how much you can afford before taking on a new mortgage in Philadelphia, because again, if you don’t, you will not be able to make those monthly payments to your loaner. One general rule that most homebuyers use is the 28% rule. Do not let your yearly mortgage, homeowner’s insurance, and tax payments exceed 28% of your AGI (Adjusted Gross Income). Keep in mind that you should save about another 10% for home improvements, repairs, and those darned closing costs.
Choose The Right Loan
Finally, you need to choose the right loan. Again, this all depends on your personal needs, how much money you make at your job, how long you plan on owning the house, and basically just how much money you can afford to spend.
With these tips, you should be able to find a good mortgage in Philadelphia without much hassle at all.
Tony McGuigano is the owner of the Taylor Acoustic Guitar website, as well as a website called Philadelphia Mortgage.
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