Purchase a Home
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site, you will find information that will help you with the purchase of your new home.
Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.
How much “house” can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.
Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs:
Monthly mortgage payment
Homeowners insurance
Flood Insurance (if applicable)
Property taxes
Utilities
Maintenance
How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer. Just fill out or Quick Quote form and we will give you all of the answers.
Get Pre-Qualified
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Our happy Clients
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"This refinance went very well. It was completed in less time than prior refinances and the ability to do much of the paperwork on line definitely made it easier. In particular, the use of email allowed questions to be posed and answered at any time and documents submitted concurrently resulted in issues being resolved quicker and the process advanced faster."
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"Great and quick process. They were able to quickly help me refinance with no hassles or issues. I look forward to using them again.Response from Your Mortgage Shop Thank you for your review and the opportunity to work with you again Mr. Fleishman. It was our pleasure to work with you. Referral is a very big part of our business that allows us to provide creative loans with affordable fees and the best rates in the industry, so please spread the word to your friends, colleagues and family. it will be greatly appreciated when they see how much we can save them."
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"I recently refinanced my mortgage with Your Mortgage Shop. The experience was very easy and the whole experience was pleasant. Not only did they reduce my rate considerably, the whole process went down pretty quickly compared to previous re-fi experiences. The loan officer was responsive and very helpful in reducing my mortgage rate and payment. I would highly recommend Your Mortgage Shop to anyone looking for a professional mortgage broker company."