Choosing Your Most Sustainable Mortgage OptionBy John Voket
Your RIS Consumer Confidant recently ran across some good advice from Scott Sheldon (bayarearealestatetrends.com) who blogs about how the shrinking inventory of available housing is taking some home buyers' focus off the bottom line.
Sheldon says pre-approved buyers typically focus on purchase price, when in most cases, it’s the monthly payment over time relative to the purchase price that dictates whether or not that particular property can be identified as an opportunity. He says consumers are beginning to place more emphasis on sustainable payment over time considering they could be paying more for the property than anticipated. And today's real estate market conditions are causing many buyers to switch mortgage loan programs during the pre-approval phase and well into after they’ve gotten they have gotten into contract. While qualifying for the mortgage is the end result, to perform on a purchase contract, Sheldon says the appropriate loan program promoting long-term payments sustainability becomes next critically important piece of the puzzle. In his blog, Sheldon details the following borrowing options:
Source: www.bayarearealestatetrends.com |
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