There are very few people who can flat out write a check for the sale price of a new house. Very few people have that kind of cash on hand. The average sale price for a home in March of 2016 was $186,000 and that is the average for the whole of the Untied States. Of course, there are pockets of real estate that sell for more and places that traditionally sell for less, but in any event, it is not a common occurrence for a homebuyer to pay all cash for their new home.
In fact, in all of 2016, 14% of people who purchased a home financed 100% of the entire cost. Whatever the financial situation might be for the buyer, whether they simply do not have the cash up front or do not want to end up cash poor in the end, finding the best possible mortgage for their new property is their main concern.
Whether the property is a first time home purchase, an investment property, or a vacation home, the buyer is going to want to work with a mortgage broker to get the best mortgage plan available to them.
If you are in one of those categories, if you are looking for a new home or an investment property or anything in between, make sure you find the mortgage broker who is as familiar with conventional loans as she is with FHA mortgage loans. Having a basic understanding of home loans and mortgages will be of benefit to you, but when you find the right broker to work with, you will find that they have your best interests at heart. Their business will increase only if you are fully satisfied with their service.
Sadly, many people are not satisfied with the work that some mortgage brokers do for them in transactions that range from buying their first property to purchasing an investment property and beyond. After everything is said and done and the closing has taken place, you will want to know as much about the terms of your mortgage as you can. You are the one who is going to be paying it for the next several years. Unfortunately, 59% of homeowners don’t understand the details of their mortgage loans and wish they did.
If you are thinking about purchasing a property for any reason, make sure you are with the mortgage company that puts you at ease. When you feel comfortable with you mortgage, you feel comfortable about your life. And that is how it should be.
