Mortgage Tips

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Here are some tips to help you with the process of becoming your own landlord.

Pre-qualify for a loan

Being pre-qualified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer.

Shop for mortgage rates and terms

A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

Finding a home

• Consider having a buyers agent
• Get pre-qualified for a mortgage
• Know the extra costs (survey, tax, lawyer, etc.)
• Decide what mortgage payments you're comfortable with
• View open houses
• View homes in variety of locations
• View a variety of housing types and styles
• Learn what properties sell for
• Then focus on one location and type
• Wait for the right house
• Make an offer
• Be prepared to negotiate

After the deal is made

• Arrange for mortgage financing
• Arrange for a home inspection
• Satisfy any other conditions
• Give notice to your landlord (by 15th of the month usually)
• Arrange for a survey
• Hire a mover
• Start building equity in your new home!