• Home
  • Apply
  • LOG IN
  • Careers
  • Community
  • Corporate
  • Customer Service & Payments
  • Loan Officers
  • Loan Options
  • Locations
  • News and Media
  • Resources
  • Reviews
  • Search

  • Careers
  • Community
  • Corporate
  • Customer Service & Payments
  • Locations
  • News & Media
  • LOG IN
Search
Generic filters
Exact matches only
Filter by Custom Post Type
Menu

800-970-4637

  • Apply
  • Loan Options
  • Loan Officers
  • Resources
  • Reviews

Getting Ready to Buy a Home

Getting Ready to Buy a Home

CategoriesFirst Time Home Buyer / Home Financing Tips

Rebecca Squyres

January 20, 2020

Preparing To Get A Home – Tips You Should Know About Your Mortgage!

So you’re tired of renting and think it is finally time to own a home? Before making the leap to home ownership, there’s one question you will need to ask and answer: what monthly payment works best for my budget? From there your Mortgage Loan Officer and Real Estate Agent can advise you best.

Here are some basic tips to consider when it comes to your mortgage options, down payments, and budgeting for monthly expenses to help you decide if you’re financially ready to buy a home.

Choosing the Right Mortgage

The mortgage option you choose will affect all of your remaining decisions about down payments and monthly budgeting. Various mortgage programs are available for all home buyers, including FHA loans, conventional loans, VA loans, Rural Development loans, fixed rate or adjustable rate loans, and the more specialized Jumbo Loans. Your mortgage options should be thoroughly investigated and understood prior to beginning your search for a particular home.

Determining the Down Payment

Your down payment is one of the most important numbers to consider when purchasing a home. You should take into account your available savings, your comfort level in making the investment, and the closing expenses associated with your mortgage when making this decision.

Your Monthly Income and Expenses

As you research your available mortgage options and determine your down payment, you will need to consider your monthly income and the expense of becoming a homeowner. Items to examine include your weekly or monthly income, your utility expenses and other monthly obligations like car payments, student loans, groceries and transportation. If you maintain a checking account, you can prepare yourself to answer these questions by thoroughly examining your last six months of statements.

Covering the Unexpected

If you’re a first-time home buyer, you may not realize that all those calls to your landlord for repairs are now your responsibility. Storm damage, plumbing issues or an air conditioner unit that won’t cool can be very expensive. Rest assured, there are options available that can help you protect yourself from unexpected repairs. Homeowner’s insurance, home warranties and home inspections are the most commonly considered. Many of these protections will offer plans with monthly premiums that can be included in either your mortgage payment or as an allocated monthly expense.

 

Partnering with the right real estate agent and mortgage banker will provide you with the necessary information and resources.

Get started with GMFS Mortgage today!

Search
Generic filters
Exact matches only
Filter by Custom Post Type

Categories

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

 

GMFS Mortgage is a BBB Accredited Mortgage Lender in Baton Rouge, LA

 

Equal Housing Lender. ©2017 GMFS LLC. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. GMFS LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought. All mortgages are originated by GMFS LLC, NMLS ID #64997, at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.

  • Home
  • Apply
  • Customer Service & Payments
  • Corporate
  • Locations
  • State Licenses
  • California & Texas Disclosure
  • Privacy Policy & Security
  • GMFS Terms of Use
  • Sitemap