How easy it is to finance the purchase of your house!

When you decide to buy your house, it is very important to find the answers to your initial questions and queries so that, when making the final choice, you are right on target. Thus, the purchase will be a happy event for you and your family. And it will not give you any problems in the future. For that reason you must get all the information with great clarity.

To make the financing of your house easier, it is essential that you meet certain requirements first:

•  To have the taxes corresponding to the last 2 years

•  To show the proof that certifies where you have worked for the last 2 years.

•  To prove your current income and the fact that you have a safe and reliable job.

•  To show a clean credit history.

•  To know beforehand the values of the down payment and closing costs.

•  To know that you have all the necessary resources   to pay for the mortgage and additional monthly costs.

To make your loan approval easier it is important:

1. To know how much money the bank or finance company can lend you, in order to find a house according to that value.
2. To know about the interest rate and whether it is fixed or variable.
3. To investigate which programs are offered to house buyers by Banks or Mortgage Companies.
4. To examine if the loan is FHA, Conventional...
5. To make sure about the term of the loan.   Remember it could be five, ten, twenty or thirty years.
6. To check if you need an alternative loan.   And find out when you will be able to refinance.
7. It is important to know if a co-signer is required.

But it is also fundamental to analyze the most definitive advantages and disadvantages for the purchase of your house.

Disadvantages

You have a monthly payment commitment.   If you wait for a minimum period of 2 years in possession of your property, you will achieve a major advantage in your investment.

All house failures must be repaired by you. And this costs money. In addition to this you must mow the lawn, remove the snow...and invite your friends to visit you from time to time.

Advantages

This is your new house!...so, you can do whatever you want in it: repair it, refurbish it, paint it, remodel the kitchen, the bathrooms, have your own space for you and your family...and all that you consider significant for your well-being and comfort.

Mortgage interests are deductible from federal taxes of your annual income and that deduction is a benefit that will help you keep great savings.

In addition, by analysing real estate market evolution, you will be able to get quite a good equity in a relatively short period of time.

Finally, for further questions you may have, please feel free to contact me by e-mail at:   dario@prestamosviviendahispanosdc.com or by phone at: 703-396-7366

Darío Ortíz
Director

Hispanic Real Estate & Financial Group LLC
Creating abundance for Hispanic   families
http://prestamosviviendahispanosdc.com
dario@prestamosviviendahispanosdc.com