A Handy Guide for a New Home Purchase Loan, Tallahassee, FL

August 31, 2018

A Handy Guide for a New Home Purchase Loan, Tallahassee, FL

By Published On: August 31st, 2018Categories: Home Loans, New Home Loan, Tallahassee FL

Just like anybody else who is planning to apply for a new home purchase loan, Tallahassee, FL, you may find the process daunting most especially if it is your first time. But here’s the thing: If you are diligent enough to gather information related to mortgage loan, things will be a lot easier.

With the aim of helping to make the process a lot easier for you, we are sharing below some information that you may find useful when you apply for a new home purchase loan, Tallahassee, FL. Take the items below into consideration; they can help you make the most appropriate decision.

Familiarize the components of monthly mortgage payments

  • The principal – Refers to the monthly cost that directly goes towards paying back the loan.
  • The interest – The monthly rate imposed from the cost of borrowing; it is expressed as a percentage of principal
  • The property tax – This goes directly towards paying the property taxes as a requirement in your locality
  • Insurance – Getting insurance provides you with the needed security and protection in case of damages to your property.
  • PMI (Private Mortgage Insurance) – The payment you need to put that goes towards your mortgage insurance in case the down payment is less than 20%

Things to do when applying for a new home purchase loan program

  • Do a diligent research prior to your mortgage loan application.
  • Make an assessment on your qualifications (Mortgage brokers such as HomePlus can help)
  • Familiarize the available options – 30-year Fixed loan; FHA loans, VA loans, and Adjustable Rate Mortgage are the types of loan recommended for first-time homebuyers.
  • Gather all the requirements (your mortgage broker can do all the leg works).
  • Make sure to improve your credit score before the application for better interest rates – Staying current on all your payments (please note that payment history is 35% of your FICO score); paying down your credit card balances; and disputing your negative accounts can help improve your credit score.

Have more questions about getting better deals on a new home purchase loan, Tallahassee, F? HomePlus is readily available to help you every step of the way.

Contact us today to get started at 800-810-PLUS (7587).