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See how IP Mortgage can help you finance or refinance the home of your dreams. We have a large portfolio of products. So no matter what your situation, we've got the right mortgage to fit your needs, as well as great rates and dedicated mortgage professionals who will be with you every step of the way. mortgage - Preparing To Buy Your Home Inmost cases, buying a home is a smart move. Paying rent provides a roofover your family's head, but it does not build equity. Equity is thedifference between the original mortgage amount for your home and themarket value when you sell it. Buying a home also gives youcertain tax advantages in the form of two major deductions on yourannual income tax return. The amount you pay in interest on yourmortgage loan as well as the property taxes that you pay on your homeare both tax deductible. In preparation to buy, you'll need to do certain things for a goood mortgage mortgage - Firstyou will need to figure out how much you can really afford. To do this,a complete accounting of your income and expenses, as well as yoursavings will be needed. See our mortgage-tools Loan Toolboxfor useful mortgage calculators and resources to help you with thecalculations.More than likely, you will have to borrow money to financethe cost of your new home and the lenders will require this information. Perhapsthe most difficult part of home buying for the average American buyeris coming up with the down payment. Most lenders will require 5% to 20%of the purchase price of the home up front. Many people look to familyfor help with this, but in doing this, they will require a letter fromthe relative stating that the money is a gift and not a loan that mustbe repaid. Remember that the higher your down payment, the lower yourmortgage payments and closing costs will be. In order to qualifyfor a mortgage, lending institutions will most likely require that yourpayment amount be no more than 28% of your gross income. But, you willhave other bills to pay as well, so calculate those in and look forcombined total of 36% of your income. Again, our mortgage-tools box has the tools you need to accurately calculate these amounts. mortgage - Youmay want to "prequalify" for your mortgage. Doing this will take mostuncertainty out of what you can afford to buy and will give you anadvantage over non-prequalified buyers. Most lending institutions willreadily prequalify you. mortgage - When you know what you can afford,decide what kind of house you want. A notebook will be helpful here.Jot down your requirements, plus any extras that you would like yournew home to have. Also, remember that location is perhaps the mostimportant aspect of your new home. Not only does it need to beconvenient for you, but a house in a good location helps build yourequity. Take your notebook with you when you begin looking athouses. This way, you can take notes on each house for reference later.When you find a home that particularly interests you, it is a good ideato have a professional inspect the home for structural stability. Thiswill give you a better idea of whether there will be additional andunexpected expenses involved in buying the house that must be takeninto account in your calculations. Being cautious now inplanning your home ownership can save you what's commonly become knownas "Buyer's Remorse" later. Take the time to plan effectively andprotect your family from future headaches. |
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