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Sunday, July 03, 2005

What's Today's Rate?

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Owning your own home is part of the American dream. And now it could be your dream, too. The time is finally right, and you're ready to think about buying a place of your own. First, congratulate yourself for making a smart move. You could make your monthly housing payment work for you. Instead of paying rent, you will be building equity (the difference between what you originally pay for your home and its market value when you sell it). You are also giving yourself two major deductions on your annual tax return - the interest you pay on your mortgage and the property taxes you're billed each year. But now looming in front of you are two big questions:How much can I afford? How do I choose the right home? Here's a start at answering those questions...First, you will have to come up with a down payment - the amount you must pay up front before a lender is willing to give you a mortgage to finance the rest of the cost of a home.Generally, lenders want to see a down payment of 5% to 20% of the purchase price. The higher your down payment, the lower your monthly mortgage payments and closing costs will be. If you qualify as a veteran of the armed forces, you may be eligible for a Veteran's Affairs loan, which has the lowest down payment requirements. Likewise, a first-time home buyer may qualify for special terms. Once you know how much of a down payment you can afford, you will need to calculate the monthly mortgage payment you can handle. Lenders generally want your monthly payments (which include principal plus interest, property taxes and home insurance premiums) to equal no more than 28% of your gross income. They also figure you can handle total debt (mortgage payments plus car payments, credit card payments, etc.) up to a maximum of 36% of your gross income. Click HERE to find out TODAY's mortgage rate. Click HERE for MORTGAGE CALCULATOR

#Posted by Jessie at 10:32 AM

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I am a licensed realtor based in Novi, Michigan. As one of the most experienced real estate professionals of COLDWELL BANKER, I have been using my expertise as well as my experience to assist many Michiganders with all kinds of real estate needs for years. Whether you are buying or selling real estate, I am always ready to help you discover the perfect outcome.

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Email: jessiekim@cbpreferred.com

- (734)416-5762 (Direct)

- (734)459-6000 (Office)

- (734)454-4517 (FAX)

- Office: 44644 Ann Arbor Road         

   Plymouth, MI 48170

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593 Whatever road - Novi, MI 48170 3BR/2BATH BILEVEL HOME, Call me

and make your appointment TODAY!!!

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July 2005

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