tips

• Payment to income ratio: Compare your income to your mortgage payment  (principal + interest) plus property taxes and insurance 

• Debt to income ratio: Your total debt to your ability to make current payments 

• Find a motivated and trustworthy Lender (they want your referrals)

• Skip the pre-quealification, get pre-approved. (gives you more negotiating power)

Each ledning institution is different. Do your research. 

• Origination Fees
• Discounty Points
• Lock Periods 
• Extra Fees

• The price
• Down payment amounts
• Monthly payments 
• Loan Terms
• Loan Types 

1. Will I be charged an origination fee?
2. Will I be charged separate discount points?
3. Will I be charged processing fees

4. Will I be charged for document preparation, underwriting, tax service or flood certification?
4. Will there be additional fees at closing?
5. Is there a Lock Period with this loan? If so, how long?

Save money by making one extra mortgage payment each year. 

Take your monthly principal and interest payment and multiply that number by 13. Then divide the total by 12 to get your new “accelerated” monthly payment.