PEI Real Estate Report - Mortgages, Know Where You Stand
When thinking about purchasing a new home, many of us put the cart before the horse. We start house shopping before knowing what kind of mortgage we qualify for. Knowing where you stand financially will put you in charge of your home buying journey and potentially save you the time and heartache to a home that was out of your reach.
There has been a lot of talk about low interest rates on mortgages lately. It is true that we have historic lows available which do make your payments easier. Not every mortgage is the same make sure you understand what you are signing up for. Are you able to add more onto it later on? Are you able to pay extra on it during the term? What is your penalty if you sell your house and you don't get a new mortgage? All of these questions may not seem important when you are looking to get your mortgage but like life, things change and you want to make sure you have the right mortgage for your situation. Do your research and call a professional mortgage agent.
Do you have more questions about this topic? Our REALTORS are here to help you. If you would like more info on this or other real estate topics go to www.5662121.com and join us on facebook where we discuss in more detail.
Posted by Joel Ives
on February 8, 2012