How should you be managing your mortgage?
Managing your mortgage appropriately is going to save you a lot of headaches down the line. It can be difficult to do this for those of you who are first-time homeowners, but you don’t need to worry. We can help you think about your mortgage in a helpful way so that you will be able to manage it appropriately. As a homeowner, taking your mortgage seriously is exceptionally important, so let’s get started.
What kind of mortgage should you sign up for?
The 30-year plan can be very attractive, but you need to assess all of the factors before signing up for the lowest possible monthly payment. Basically, you need to look at your principal, interest, insurance, and taxes before making a final decision on how to proceed. The 30-year plan may have lower payments upfront, but you’ll end up paying more interest down the line. However, it should be noted that you can refinance down the line for a shorter plan if you can afford higher payments.
Always be thinking about the future of your mortgage.
Even if you’re not in a place to refinance your mortgage now or in the near future, you should try and pay like you already have. Making larger payments is only going to chip away at the lump sum faster rather than only paying minimum payments every month for 30-years. Though it may feel like a burden, you will look back and be grateful that you put the extra money into the repayments. Not only that, but refinancing comes with new closing costs that can push your potential to “break even” even further back. Sometimes, if you stick with the financing plan you have now, you will be able to make larger payments comfortably with a little wiggle room in case of emergency. At the end of the day, you need to do what is right for your home and your financial stability.
Are you looking to invest in a new home? We can find you the right loan to get you going!
Whether you’re looking for a house to flip or a home to love, finding the money for this investment can be difficult. We at Caliver Beach are ready to help you find the right loan for your situation. Our team of highly qualified experts have hundreds of options ready for you to invest in the home of your dreams. Contact us today! You can also follow us on Facebook, Twitter, Google+, Pinterest, and Youtube!