Purchase

Below (and throughout this site) you will find information and tools that will assist in clarifying some of the confusion that goes along with the process.

Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.

How much "house" can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range. Please email laura@martellmortgage.com to get pre-approved and determine exactly the loan amount you qualify for. Or Apply Online Today!

In addition, you should consider both the up-front and ongoing costs associated with purchasing a home in the planning stage.

Some upfront costs include:

• Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
• Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
• On-going Costs:
  Your housing costs can include the following:
  
  • Monthly mortgage payment
    Homeowners insurance
  • Mortgage Insurance
    if applicable Flood Insurance
    if applicable
    
  • Property taxes
  • Utilities
  • Maintenance

How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.

If you would like to know exactly what rate you qualify for, Apply Online, and I will give you an accurate assessment of what interest rate and loan program you qualify for.

If you have any questions, just click Contact Us or call Laura at 623.255.1014.