Ask Angela
Question: Mortgage Planning, what do I need to know about planning a mortgage?
Answer: There are several steps to mortgage planning. I have outlined the steps briefly, please connect with me for any questions.
1. make the decision you want to purchase a home
2. talk to a mortgage professional- get a pre approval on what you can afford now.
Also, look into the future and discuss with your mortgage broker, if they haven't already asked you, what events may be happening in the next 5 years. Will there be more children, will you retire, will you lose your job because of shut downs, will there be a sickness that will cripple the income?
Some life events you cannot plan for, but other events you can.
With the events you can plan for discuss with your broker. Right now you may be able to afford a much more expensive house, but if you should start having children, or retire soon the payments may not be affordable.
If you should lose your job or have an illness that will lower your income, Buying insurance may cover you until you are back up on your feet.
3. put a plan into action on what you need to do to purchase a home.
4. execute the plan, whether it is saving for a down payment, finding the right realtor or finding the right home.
5. now it is mortgage time. You have covered yourself as best as you can.
6. You now have a home.
Have Questions?
Want more information?
Connect with Angela at akroemer@mortgagegroup.com
