Coconut Creek Real Estate, Remax ParkCreek

People love to say that there is more involved with buying a home than just money, and while this is indeed true, you cannot buy a Coconut Creek home without it.  When thinking about Coconut Creek real estate and purchasing a new home an important first step is securing a mortgage.  Before even stepping foot in a lenders office take a good hard look at your finances.

Examine your households income and expenses and determine what you are capable of paying each month. Affordability has been calculated at a mortgage being 30% of your monthly income and a mortgage that swallows up over 35% of your monthly income is seen as unaffordable.

Be prepared when you approach a potential lender and check with at least three different lenders.  Not every lender will offer the same deal.  It is important to read between the lines and look at other costs involved.  There might be closing costs, points to pay down, hidden fees, etc., do some research and read the fine print.

The more traditional mortgages are 15 and 30 year fixed rate loans.  A 15 year loan will typically have a lower interest rate and obviously a shorter time to pay off the loan but will involve higher monthly payments.  A 30 year fixed loan spreads the payments over twice the number of years and will have a higher interest rate but lower payments.  If a traditional loan doesnt fit the bill there are many creative financing options available, many unique to a particular situation.

While money isnt everything but it is an important first step to buying a Coconut Creek home. Click here to read an article from Yahoo Finance on the basics of mortgages.

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402.  Silva has access to the Coconut Creek MLS and all available listings in the area.