In these times of high inflation and home prices, homebuyers and homeowners alike are looking for ways they can live more affordably. In this post, we are sharing a few tricks with you that can help you manage the costs of homeownership effectively.
- Get the right type of home loan. Start by picking the type of mortgage that can help you save. What type that is depends on your individual loan scenario. This is something we can help you determine during your mortgage consultation.
- Work with a mortgage broker. You should choose a mortgage broker instead of a mortgage lender if you want to cut costs. A broker can shop a wide network of lenders to bring you the most competitive rates. You might even get access to a deal you would otherwise have not been able to take advantage of.
- Improve your debt-to-income ratio. If possible, raise your income, and/or lower your debts. Doing so will help you qualify for more competitive rates. Plus, having a better DTI ratio will make your entire lifestyle more affordable going forward.
- Choose your down payment amount wisely. A higher down payment can tie up more of your money, but it also results in lower monthly mortgage payments, and may help you avoid paying for mortgage insurance.
- Pick the right interest rate format. An adjustable rate mortgage with a low introductory rate may help you curb costs if you will live in your home for only a few years. But a fixed rate can provide more predictability in the long run. If rates go up in the future, a fixed rate will stay the same, keeping your costs from rising.
Buy a Home or Refinance in Florida
PLC can help you buy a home with a loan product that will help you maximize affordability. We can also help you refinance if your current home loan is not meeting your needs. Please give us a call at 954-840-8811 to schedule your consultation. We can work with you anywhere in FL.
