Name

Name

Chau B. Sanders

Personal details

Location

Madisonville, KY

Web

http://www.mikesavagehomes.com/

Short Bio

Get pre-approved for a home mortgage before shopping for a new house. Nothing is worse than finding the perfect house, only to find out that you can't get approved for a mortgage. By getting pre-approved, you know exactly how much you can afford. Additionally, your offer will be more attractive to a seller. When you see a loan with a low rate, be sure that you know how much the fees are. Usually, the lower the interest rate, the higher the points. These are fees that you have to pay out-of-pocket when you close your loan. So, be aware of that so you will not be caught be surprise. Approach adjustable rate mortgages with caution. You may get a low rate for the first six months or so, but the rate can quickly increase to the current market rate. If the market rate goes up, your rate can go up as well. Just keep that in mind when you are considering that option. If you have trouble making your mortgage payment, get some assistance. Consider counseling if you're falling behind on your payment schedule or just struggling to tread water. Your local housing authority will have recommendations for credit counseling services that you can use. With the help of HUD-approved counselors, you can get free counseling for foreclosure-prevention. Call HUD or look on their website to locate one near you. Take the time to get your credit into the best shape possible before you look into getting a home mortgage. The better the shape of your credit rating, the lower your interest rate will be. This will mean paying thousands less over the term of your mortgage contract, which will be worth the wait.

History

Member for

7 years 9 months