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"Subtle changes in the way you approach mortgage
shopping, and even small differences in the way you structure your mortgage, can
literally cost or save you thousands of dollars and years of expense."
Mortgage Regulations Have Changed . . .
Mortgage regulations have changed significantly over the last
few years making your options wider than ever. Subtle changes in the way you
approach mortgage shopping and even the small differences in the way you structure
your mortgage can literally cost or save you thousands of dollars and years of
expense.
Get the Right Information
Whether you are about to buy your first home, or are planning to
make a move to your next home, it is critical that you inform yourself about the
factors involved. Industry research has revealed 6 common mistakes
that most homebuyers make when mortgage shopping and they can have a significant
impact on the outcome of this critical negotiation. If handled correctly, these
issues could result in a mortgage that will cost you less over a shorter period
of time.
6 Things You Must Know Before Obtaining a Mortgage
Before you commit your hard earned dollars to monthly mortgage payments,
consider these 6 issues. Effective consideration of these important areas can
make your payments work much harder for you.
1. You can, and should, get pre-approved for a mortgage before you go
looking for a home
Pre-approval is easy, and can give you complete peace-of-mind when shopping
for your home. Your local lending institution can provide you with written
pre-approval for you at no cost and no obligation, and be done quite
easily over-the-phone. More than just a verbal approval from your lending
institution, a written pre-approval is as good as money in the bank. It entails
a completed credit application and a certificate, which guarantees you a
mortgage to the specified level when you find the home you're looking for.
2. Know what monthly dollar amount you feel comfortable committing to
When you discuss mortgage pre-approval with your lending institution, find
out what level you qualify for and also pre-assess for yourself what monthly
dollar amount you feel comfortable committing to. Your situation may give you a
pre-approval amount that is higher (or lower) than the amount of money you would
want to pay out each month. By working back and forth with your lending
institution to determine what this monthly amount is, and what value of home
this translates into at today's rates, you won't waste time looking at homes
that are not in your price range.
3. You should be thinking about your long term goals and expected
situation, to determine the type of mortgage that will best suit your needs
There are a number of questions you should be asking yourself before you
commit to a certain type of mortgage; How long do you think you will own this
home? What direction are interest rates going in and how quickly? Is your income
expected to change (up or down) in the near term, impacting how much money you
can afford to pay to your mortgage? The answers to these and other questions
will help you determine the most appropriate mortgage you should be seeking.
4. Make sure you understand what prepayment privileges and payment frequency
options are available to you
More frequent payments (for example weekly or biweekly) can literally shave
years off your mortgage. By simply structuring your payments so that they come
out more frequently, it will significantly lessen the amount of interest that you
will be charged over the term. For the same reason, authorized pre-payment of a certain percentage of your
mortgage, or an increase in the amount you pay monthly, will have a major impact
on the number of years you will have to pay and could shorten your payment term
considerably. These two payment options can cut years off your mortgage, and save you
thousands of dollars in interest. However, not every mortgage has these pre-payment
privileges built in, so make sure you ask the proper questions.
5. Ask if your mortgage is both portable and/or assumable
A portable mortgage, where available, is one that you can carry with
you when you buy your next home and avoid paying any discharge penalties. This
means that you will not have to go through the entire mortgage process again
unless you are making a move up to a much more expensive home. An assumable mortgage is one that the buyer for your home can take over when
you move to your next home. This can be a very powerful tool at the negotiating
table, making it much easier and more desirable for a buyer to buy your home, and
again saves you any discharge penalties.
6.You should seriously consider dealing with a Mortgage Expert
Consider dealing only with a professional who specializes in mortgages.
Enlisting their services can make a significant difference in the cost and effectiveness
of the mortgage you obtain. For example they can make the process faster thereby
avoiding costly delays. Typically there is no cost or obligation to inquire.
I could genuinely trust them with this very important purchase in the next chapter of our lives.
My Name is George and my wife Linda and I first heard about Mario Sconza and Partners through a referral from my oldest sibling. I chose to work with this company as I knew all of the extra work they have done for communities in need as well as the fact that I could genuinely trust them with this very important purchase in the next chapter of our lives. My wife and I were very concerned about not being able to find our dream home in the current housing market and we're just about to give up on our hopes when we decided to give Sconza and Partners a call. Domenic, who was our realtor was very patient with us and showed that he genuinely cared as he guided us through our home search. We found that he was very attentive in taking notes of what things were must haves vs nice to haves and he would always take learnings from each home that was viewed. All in all we found our dream home in just 3 weeks and couldn't be happier with the results. We owe our thanks to Domenic and Mario Sconza and Partners for their fantastic work efforts to find us a home in such a quick time-frame.
We were so pleased with the efforts that we decided to use Domenic to list our condo rental property for lease. Within just one week we found great tenants to occupy and rent out our condo. Thank you to Mario Sconza and Partners for providing an exceptional customer experience for our home purchase and condo rental. Special thanks again to Domenic who was our realtor and the face of the company. I highly recommend this realtor for anything you may need.
George Coronacis
I would strongly recommend this company to anyone needing assistance with buying or selling a property.
During a time when the market was extremely competitive, Aidan and The Mario Daniel Sconza Team were able to find me a beautiful home at a great price! As I went through the long and tideous process of finding a place, Aidan supported my needs and wants and created a plan that helped me achieve the goal of finally calling a place home. They have a great team, especially Adian. He is passionate about what he does & driven to ensure his clients’ success & satisfaction. I would strongly recommend this company to anyone needing assistance with buying or selling a property. No goal is beyond their reach, it's unbelievable!
Francis Comney
His personalized attention to detail and professionalism is truly awesome.
Robin was very helpful to my wife and I throughout the decision-making process, the search, the mortgage, and closing periods. His personalized attention to detail and professionalism is truly awesome. We ❤ our new home. I will recommend this company over and over again to anyone who needs their services.
