Shopping for the Right Mortgage

Finding a mortgage that's right for you should be easy. There are several type of mortgage programs to choose … even after the (Mortgage MeltDown) … Do you need a low down payment loan? … Do you need a loan that will offer you cash flow options? … Do you need a loan to buy and fix up your new home? …

Which loan program is best … a fixed rate or an adjustable? … Conventional or FHA? …

Because there are so many options available, it is important to seek advice from an experienced mortgage professional who can help you determine what your future homeownership goals are and, can offer you advice based on what your needs will be.

The first step in determining which program is right for you is to ask yourself the important questions listed below. These questions can also help you confirm that you've are moving in the right direction and … have chosen the right mortgage professional to help you.

How long do you anticipate living in your home?

Do you expect any changes over the next few years, such as expanding your family or having children go off to college or perhaps move away?

Do you expect any dramatic changes in your income due to promotions, relocations, retirement, inheritance, or pensions?

What one homeowner might find desirable might cause another to reach for the Rolaids®.

In the end, be sure you are given a complete picture of exactly how much your mortgage will cost you over the period of time you anticipate having the loan in place.

This one item might be the single most important factor you should consider when shopping for a mortgage. Not only does this data illustrate the bigger picture of your financial goals, it allows for adjustments should things change a little sooner than you expected. A good timeframe for this projection is anywhere from three, five, or even up to seven years.

When shopping for a mortgage, you should always evaluate your choices carefully and consider how they will fit in with your long-term financial plan. Answer the important questions listed above and call me for a free consultation. Together, we'll find the program that's best for you. This information has been posted by Long Beach Real Estate & Mortgage Financing Expert - Jane Whitten.