Purchasing a Home

The guidelines for purchase mortgage programs are constantly changing — for example, Fannie Mae recently raised the maximum conventional loan limit from $453,100 to $484,350, so you need a mortgage consultant that stays on top of the latest news and trends. We will ask the right questions and listen in order to help achieve your specific purchase goals.

There are many things to consider when purchasing your home loan and it is important to discuss your options with New South Mortgage. If you’re unsure of how much home you can afford, we can provide you with the information you’re looking for promptly and in simple terms. If you need help increasing your credit score in order to qualify, our consultants can be a wealth of information. Or if you know exactly what you’re looking for and simply want to get a quote, we can provide you with a written estimate within hours.

Regardless of your level of home-buying experience, and no matter what stage you’re at in the home buying process, we can answer all your questions and provide you with the information on the best programs for your specific situation.

WHY PURCHASE?

Owning your home is considered the American Dream by many, and here’s why:

• You can take pride of ownership. You’ll have a place that is uniquely “yours” that you can customize – from paint colors to major remodeling projects.
• You may have some tax benefits. You may be able to deduct the interest on your mortgage and property taxes. These tax savings may offset a portion of the cost of owning your home.
• Your monthly payments will remain stable. With fixed-rate mortgages, your monthly principal and interest payments will stay the same for the entire period of the loan. This will make it easier to plan and budget – whereas rental rates may rise over time.
• You have the opportunity to create equity and enjoy stability. Owning your own home may be a great way to create equity for the future and provide stability and security for you and your family.

Overall, buying a home can be a good investment but you need to remember you will become your own landlord. You are now responsible for the maintenance and upkeep of your home and property. This means that:

• You’re responsible for all maintenance costs, from small plumbing problems to major – and costly – issues such as roof replacement and water pipe repair.
• You’ll have to budget for all home-related costs, including utilities, homeowner association dues (if applicable), homeowner insurance premiums, and property taxes.
• You’ll have to pay your mortgage and all other bills on time. Paying not only your mortgage, but all your bills on time helps you build and maintain good credit. This is essential if you want to borrow again in the future for home renovations, a new car, or student loans.

IF YOU’RE A FIRST-TIME HOMEBUYER OR SIMPLY WANT A REFRESHER COURSE THEN GO TO:

FIRST-TIME HOMEBUYER