Financing Montana Real Estate
Start your home buying process off right by getting your finances in order before you even begin to look for a home
The steps to successful financing
How much can you afford to spend? While a lender will tell you how much you qualify for, it's up to you to figure how big a payment fits into your budget. What monthly dollar amount do you feel comfortable committing home ownership to? Remember to consider related costs such as insurance and taxes, as well as interest and principle. Check out our mortgage calculator to determine how much you could comfortably fit into your budget.
This is vital when starting the loan process. This is where a lender will sit down with you and go over every part of your finances and determine how much your budget can afford. Then your lender will issue you a pre-approval letter stating you can reasonably afford a certain amount. This is great amunition when presenting an offer to the sellers. It shows you are a serious buyer that has done your homework up front.
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- Check out lenders and Loan options
Compare fixed-rate with adjustable rate mortgages. Look down the road. Where will you be in 15 years, 30 years? What obligations might you have? Take those things into consideration as you choose a loan. Don't get stuck in the subprime mortgage bust that a lot of home owners are dealing with right now. Be aware of  everything you are signing and if you lender doesn't want to take the time to help you understand everything, there may be a reason for that.
- Check your Credit Report.
A lender will run a credit report on you (it only takes a few minutes), but you'll be ahead of the game if you acquire a copy first. You'll know exactly what's on it and be able to correct any inaccuracies. My Kirkland WA real estate contact has an excellent article here about how your credit matters.
- Documents needed for a loan
While you're shopping for a loan, also look for the best loan costs. These may include:
• Interest rates
• Broker fees
• Points (each point is one percent of the amount you borrow)
• Prepayment penalties
• Loan term application fees
• Credit report fees
• Appraisal costs
There are so many fees and hidden costs that can go along with a loan. Ask about these and make sure your lender is up front about points, fees, and any mortgage insurance you may have to pay. My Ruidoso real estate connection has a great article on mortgage insurance.
For more information on financing Bozeman real estate or to get in touch with a lender in your area contact Nancy Oakes today.
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