Glen Russell - Collegeville PA Realtor's - 6 Things you MUST Know Before You BUY!

Mortgage regulations have changed significantly over the last few years, making your options wider than ever! Subtle changes in the way you approach mortgage "shopping", and even a small difference in the way you structure your mortgage, can cost OR save you literally THOUSANDS of dollars and years of expense.

Whether you are buying your first home, or are planning to make a move to your next one, it is critical that you inform yourself about the factors involved.

1. You CAN, and SHOULD get pre-approved for a mortgage before you go looking for a home.

• It's Easy
• It will give you peace of mind while shopping for your home
• It is free, and there are no obligations - it can even be done over the phone
• A written pre-approval is as good as MONEY in the Bank!

2. Know what Dollar Amount You Feel COMFORTABLE Comitting to -

• Find out what level you qualify for
• It may be more or less than what you wanted to pay
• Going back and forth with your lender can get you your perfect monthly payment
• You won't waste time looking at homes that are not in your price range.

3. You should be thinking about your LONG TERM GOALS & EXPECTED SITUATION-

• This will help you determine which mortgage is best for YOU
• How Long do you think you will own this home?
• What direction are interest rates going in, and how fast?
• Is your income expected to change in the near future?
• The answers to these questions will help you choose YOUR perfect mortgage

4. Make sure you UNDERSTAND what "Prepayment Privileges" & "Payment Frequency Options" are available to you -

• More frequent payments (weekly, or every 2 weeks) can shave YEARS off your mortgage
• It will also lessen the interest you pay over the term
• Not all mortgages offer these options, so make sure you ask the right questions.

5. Ask if your Mortgage is BOTH PORTABLE and/or ASSUMABLE -

• A Portable Mortgage is - one that you can carry with you when you buy your next home and avoid paying any DISCHARGE PENALTIES.
• Unless you are moving into a much more expensive home, you will NOT have to go through the entire mortgage process again.
• An Assumable Mortgage is - one that the buyer of your home can take over when you move to your next home.
• This can be a very powerful tool at the negotiating table, making it much easier and more desirable for someone to buy your home, and again saves you any DISCHARGE PENALTIES.

6. You should seriously consider dealing with a MORTGAGE EXPERT -

• Consider dealing ONLY with a professional who specializes in mortgages.
• It can make a significant difference in the cost and effectiveness of the mortgage you obtain.
• Typically there is no cost or obligation to enquire.

I have quite a few of Mortgage Loan Officers I would love to refer to anyone in any situation.

If you have any questions or for all of your real estate needs. Please, NEVER hesitate to call.

Make it an Awesome Day!

Glen Russell 610.792.3000

WWW.GlenRussell.Com