You will likely be making this payment for the next two or three decades. That’s why it’s vital that you prepare as much as possible financially before you ever sign on the dotted line.
To make sure you are well-prepared when that first mortgage payment comes due, here are some great tips you should put into practice right away.
Erase Your Debt
Before taking on a monthly mortgage payment, try erasing as much of your debt as possible, especially credit card debt. Remember, unless you are paying more than the minimum each month, credit card debt can eat away at your finances.
By getting this lowered or erased altogether, it will be much easier for you to make your mortgage payment.
Buy a Home You Can Afford
When considering the many homes for sale that you absolutely love, take some time to know just how much house you can actually afford. Along with crunching the numbers on your budget, see if you can gain preapproval from your lender.
If so, this gives you a tremendous advantage, since you will then know exactly how much you can spend and the amount of your monthly payment.
Save Up Your Down Payment
You will need a somewhat large down payment on most homes. Why not try to save up as much as possible so that you can make a very large down payment?
If you do, this means your mortgage will be substantially lower. This gives you a lower monthly payment that will fit better into your family budget. As a goal, try to have at least 20 percent of the home’s asking price ready as a down payment.
Shop Around for a Lender
When people needed mortgage loans in the past, they often had no choice but to go to a local bank. However, times have changed in a big way. Along with banks, there are plenty of online mortgage lenders that tend to offer lower interest rates and other perks to prospective home buyers.
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Shop around and examine the deals and terms offered by numerous lenders. You can often come away with a monthly mortgage payment that will put a smile on your face.
Do your homework beforehand and pay attention to the details. Becoming financially prepared for your monthly mortgage payment will be easy and maybe even fun as well.
Image Credit: paying a mortgage loan by twenty20.com
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