Buying a Home? 4 Steps You Can Take to Ensure You Start out with a Low Monthly Payment

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Are you thinking about buying a new house or condo? If so, you've likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home. Below we'll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment.

 Make A Large Down Payment On Your Home                                                                                  30 year

 The easiest way to reduce your monthly payment, when buying a home, is to invest as much as possible in your down payment. The less you have to borrow, the less you'll be required to pay back. If you can put a sizeable amount down on your home you'll find that your monthly payments are going to be very manageable. You'll also save a lot of money in interest.

  Maintain A High Credit Score

When a lender assesses your financial history they'll take an in-depth look at your credit score in order to determine how much risk you present to them. If you've kept a clean credit rating and have a high score, it's likely that you will qualify for a lower interest rate than someone with a lower credit score – even if you both have the same monthly income. 

Buy A Smaller, More Efficient Home

 When you've made your short list of homes and you're scheduling your viewings, ask yourself – do you need a home this big, or this expensive? If you can do with a smaller, more efficient home you can reduce the amount of financing that you require and this will in turn reduce the amount that you need to pay each month.

Consider A Longer Mortgage Term

 Finally, if you need to reduce your monthly payment at any cost you can stretch out your mortgage repayment period by a few years. Note that while this can reduce your payment amount it will actually increase the total amount that you end up paying back as you'll pay more in interest.

 While the above are general tips for reducing your monthly payment, it's likely that there are other strategies that are unique to your current situation. If you have any questions or have a unique situation, feel free to text, email or call me for further insights that are relevant to you and the price range your're looking to buy into. 

        Thinking of Buying or Selling? Call me, Karen and put my 30 years experience to work for you.

 For more information about real estate in the Louisville, Jefferson, Oldham, Shelby, Spencer, Bullitt county areas,  contact me, Karen Rodriguez, at 502-643-2255 or email soldbyk@gmail.com. Years of Experience, Experience the Difference, in fact, 30 years difference.   If you are looking to purchase, you can search all available properties for sale on my website and save your favorites, even set up to email yourself new listings in the areas you are interested in.

  Go to:  WWW.SOLDBYK.COM  to search ALL Greater Louisville Properties for sale including Southern Indiana and all counties.

  If you are thinking of selling, call me for a FREE home evaluation in your neighborhood, from staging, pricing, housing values, interest rates, how appraisers are valuing properties, now that the guidelines have changed. I would love to sit down and talk with you. Just call me and let me know how I can help with your real estate needs.  Thanks!!! Karen