27th Nov, 2012

Mortgage Tips for First-Time Mobile AL Homebuyers

First-time buyers searching for a home in Mobile Alabama will find it helpful to think about these mortgage tips.  Whether interested in Fairhope real estate or a home in Daphne, determine to to make this a sound Mobile real estate investment.

As a long-term plan, look for Mobile homes for sale in neighborhoods that are holding value and appreciating.  It is better to find a small home in a good neighborhood then to purchase a larger home in a neighborhood losing value.

Although many loan programs require minimal down payments, wisdom dictates that it is better to come to the negotiating table with larger down payments and fewer debts.  Make saving several hundred dollars a month and/or paying bills a fun temporary episode.  Perhaps a less expensive apartment rental or a relative’s guest house would help expedite the process.  Make it an adventure.

Speak with a few lenders to learn about mortgage packages.  Then get prequalified.  Mobile AL Area Mortgages include the fixed-rate mortgage, interest-only mortgages, current-account mortgages and combinations galore.  The latest types of mortgages allow the buyer to choose how many years the payments continue.  Monthly payments are lower for longer-term mortgages but they are also more costly over time—much more costly.

Find out the maximum amount a lender is willing to offer given the first-time home buyer’s circumstances.  However, do some soul-searching.  Decide whether owning a larger home with granite countertops is worth the trade-off in lifestyle.  Perhaps the first-time buyer would get by with a smaller primary home and eventually purchase a second home.  Perhaps other concerns such as the children’s educations could be factored into the decision.  Remember, monthly payment obligations continue for a long, long time.

For information about real estate on the Eastern Shore, contact Lucinda Briggs of RE/MAX by the Bay at (251) 423-7127.

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