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        - Loan Application (1003)

The more you know, the easier it is to get a home of your own.

We will be there to help you with the home buying process.

•   Mortgages and Finding a Lender or Broker

A lender or broker will help you obtain a mortgage. A mortgage is a loan which you use to pay for your home. The lender loans you money which is given to the seller of the home. Then you pay back the lender with your monthly mortgage payments. Your monthly mortgage payments consist of interest for the lender (their payment for loaning you the money) and principle (the amount of your loan you are repaying).

There are many different loan types and durations. Click here to see loan types available from Paul Meegan.
 

•   Interest Rates

Interest Rates are the annual percentage of interest you pay on the loan or mortgage for your home. The higher the interest rate, the higher your mortgage payment because you are paying your lender more money in interest. Interest rates can vary widely depending on many factors. For example, your credit history, the lender, the amount, and the mortgage type can all affect the interest rate you can get. Click here to see the current interest rate tables from Paul Meegan. This will help give you an idea of how the rates can vary for different loan amounts and types.
 

•   Down Payments

A down payment is the amount of money you put towards your house. The more money you put down for your house, the less you will have to borrow. The less you have to borrow, the smaller your monthly mortgage payment will be. There are different ranges for down payments and your broker or lender can help you decide the amount that is appropriate for you.
 

•   Realtors

A realtor will help you in the search for your new home. The realtor will have a knowledge of homes and the home buying process. The realtor will also have access to listings of homes in the area you are interested in. The realtor can search these listings based on the criteria you provide (house size, cost, amount of land, number of bedrooms, garage type, etc.,) and then take you to see houses which you are likely to be interested in. A realtor can be your guide through the home buying process.
 

•   Renting vs. Owning

  There are many benefits to owning your own home, however there are also new responsibilities. In this section we present things to consider and keep in mind on your journey to becoming a home owner.
   

  • Maintenance of your new home - All repairs and updates are now your responsibility, there is no landlord or manager to assist you.
     
  • Monthly Cost - Your mortgage payment may be more than your rental payments were. There are many additional costs associated with your own home. For example, you are responsible for your utilities (gas, electric, telephone, cable television, water etc.,). There is also home insurance and property taxes. Make sure you are prepared for what is involved so that you don't get surprised after the fact. Click here to use Paul's mortgage calculator to determine your monthly mortgage payment.
     
  • Ownership - The house you purchased belongs to you. It will provide a sense of stability and security for you and your family. It should also be a source of pride as you become a part of your new community.
     
  • Financial Investment - Your monthly payments will go to pay off your loan or mortgage. They will no longer go into the pocket of a landlord. Every payment you make builds equity in your house for you. Not only is the house there for you to live in, but it can also be an investment vehicle.
     
  • Appreciation - Your house can also increase in value over time. The extra value in your house becomes profit to you when you sell. You benefit from the increase in value of your house, not a landlord or other party, but you.
     
  • Tax Benefits - Some expenses associated with your home are tax deductible. This provides a financial benefit which is not available to renters. Possible examples are interest paid on your mortgage, and property taxes. Please consult with a tax specialists for details on your particular situation.