Borrowing large sums of money is not something a person does every day. Most of the time, when a person makes a major decision to borrow it plays a part in a key milestone in their life. Sometimes it's deciding to pursue a degree, other times, it's to buy a car. Either way, deciding to get a large loan is never simple.
Making the decision to buy a house is a huge decision. It is sometimes the biggest decision a person can make in their lifetime. Therefore, choosing the right loan for a home purchase is critical.
There are many factors to consider when choosing the right loan. A valuable thing to know is that every financial situation is unique. What works for one person, may not work for another person. At Premier Mortgage Resources (PMR), we want to help you make a good decision. A loan officer can to give you answers quickly and efficiently. However, before you talk to a loan officer, here are four questions to ask yourself before considering a loan:
- Do you expect your financial picture to be altered over the next few years? When you commit to make a monthly payment for a long period of time, it's important to be fairly confident that you will be able to commit and make those payments. You should be confident that you will be able to keep up with the costs that come with homeownership. Even a big change over the course of 5 to 10 years matters.
- Do you plan to reside in your current home for an extended amount of time? If you plan to live in your home for a long time, a traditional 30-year loan may be a good option. If you only plan to live in the home for a few years, however, there are other loans that allow you to save money until you are ready to put the property on the market.
- Do you feel comfortable with the idea of an adjustable mortgage amount? Some interest rates are adjustable. Depending on how long you will live in the property, you can sometimes get low interest rates, if the changes won't bother you.
- Do you want to have no mortgage debt by the time your children go to college, or you retire? Depending on what your plans are for retirement, you can work with our loan officers to help you determine how much you need to pay monthly in order to pay your mortgage off by a specific time in the future.
If you know the answers to these questions, or even if you don't, call PMR today. There is only so much research you can do online. Our knowledgeable loan officers would love to learn more about your particular financial circumstance and help find the right loan program for you.