Renters Have Much to Gain by Pursuing Home Ownership

Written by Mical Johnson


Continued from page 1

To findrepparttar loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along withrepparttar 137648 report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option isrepparttar 137649 best fit for your long-term needs. There are many different types of loan programs available, including “low” and “no” down payment mortgage programs. These types of programs requirerepparttar 137650 borrower to provide less than 3 percent ofrepparttar 137651 loan amount as down payment. FHA lenders rule thatrepparttar 137652 mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, andrepparttar 137653 PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out ofrepparttar 137654 monthly budget. If you are a renter and feel that “home” is more than just someplace to hang your hat, think aboutrepparttar 137655 advantages of purchasing real estate. It may be time to takerepparttar 137656 step into building your personal net worth as a home owner.

Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer’s Seminars which are open to the public each month in the TampaBay area in Florida. Seating is limited. To reserve your seat at the next event, call 813-833-2568 to RSVP and obtain a free copy of Mr. Johnson’s Home Buyer Handbook. www.TampaMortgageGuy.com


Home Buyers Face Decisions that Affect Their Long-Term Financial Picture

Written by Mical Johnson


Continued from page 1

It is highly unlikely that a qualified loan originator whose business is based upon referrals will use unscrupulous tactics such as this to get new customers inrepparttar door!

Once you have found a mortgage consultant that you feel comfortable working with, lay your goals out onrepparttar 137647 table because it will have a tremendous impact on choosing a loan program that meets your specific needs. One ofrepparttar 137648 most important factors to consider is how long you wish to borrowrepparttar 137649 money for. For example, if you know you will only be inrepparttar 137650 home for five years, it wouldn’t make sense to opt for a 30-year loan program or pay points up front to secure a lower interest rate. You would not be inrepparttar 137651 home long enough to benefit from such action.

Your mortgage consultant should be able to narrow down a selection of programs based onrepparttar 137652 information that you have provided, and present you with an easy-to-read spreadsheet that clearly defines viable options for your interest rate and amortization schedule, monthly payment and any potential savings you may realize by paying points up front.

Moreover, a reputable loan originator will not hesitate to share this information with your tax consultant or financial planner so they may offer additional feedback on your behalf.

Home ownership imparts a rewarding vehicle for building wealth and a strong financial future. The mortgage consultant that you choose should be there not only when your loan closes, but should also provide you with ongoing service to assist you in managing that debt over time.



Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer’s Seminars which are open to the public each month in the TampaBay area in Florida. Seating is limited. To reserve your seat at the next event, call 813-833-2568 to RSVP and obtain a free copy of Mr. Johnson’s Home Buyer Handbook.


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