Things to Know When getting a Mortgage

• What is your Budget? – This is the main problem. How much can you afford? Take a close look at your debt-to-income ratio and consider whether you can afford the house you have been coveting. Let’s be realistic, sometimes, what we want and what we can afford are two very different things. Consider your annual income, your down payment, and your monthly debts to see just how much you can afford to put into a house. Most financial experts recommend less than 28% debt-to-income ratio. If you are a senior on a fixed income as a pension, then you need to consider your other assets, other commitments and health expenses etc. before deciding on the home purchase budget.
• Which Loan? – When you speak to your banker he/she will provide you information with different types of loans that will spin your head. All these loans are offered, so that you get the chance to purchase your dream home. Keep in mind however that you have to select the loan that best suits YOU. You may consider the same type of loan you applied for in order to buy a home previously. However, things change and this type of loan may not be the best bet now. Make sure you understand the length of the loan, terms and conditions, and most importantly, the interest rate. What interest rate will you consider? Will it be the fixed rate mortgage or the adjustable rate mortgage? Many people will offer advice about the benefits and drawbacks of both these mortgage interest types. Give careful consideration to all the advice you receive before making your mind up.
• Brokers or Lenders? – Mortgage lenders are banks and other institutions that enable you to take out a loan. Mortgage brokers are the guys in the middle who work with you and the bank to help with your loan. This too, has its ups and downs, and you should give careful consideration to them. Although you may wish to work with a mortgage lender as it is more reliable, mortgage brokers sometimes, offer the best rates.

If you are interested in buying a home, there are many beautiful homes in retirement communities all across the United States. These community homes bring you many benefits such as socializing opportunities, tailor made club house activities, amenities and ofcourse the security. A few such active adult living communities randomly chosen from our database are mentioned below.

• Shea Homes at Victoria Gardens – Deland, Florida
• North Woods of Colchester – Colchester, Connecticut
• Carroll Vista – Taneytown, Maryland
• Baileys Glen – Cornelius, North Carolina
• Robson Ranch – Denton, Texas

Author:

Stephen LaCount writes articles courtesy of ActiveAdultLiving.com, the a firm favourite among the 55+ market. The AAL site is popular not only for the outstanding wealth of information made available on over 5,800 Senior living communities such as the Robson Ranch Texas. The Active Adult blog and the fortnightly Active Adult Living Newsletter will be wonderful value additions that you can subscribe to.

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