Buying a Home

In today’s market place with more and more lenders competing for your business it only makes sense for young people, newly established in the workplace, to become home owners as soon as possible.

A big issue new home owner’s face is the one of affordability. Often delaying a purchase pushes affordability further into the future. Fortunately in response to the growing concern about affordability both mortgage insurers and lenders have implemented longer amortization periods extending out to 40 years. With amortization periods of 25, 30, 35 and 40 years income qualification is easier and affordability is considerably improved. Take for example a young couple requiring a $250,000 mortgage at an interest rate of 5.75%. Using a 25 year amortization the monthly payment would be $1562.56 whereas with a 40 year amortization the payment would be $1320.58 a monthly savings of $241.98.

Another recent innovative enhancement to home buying is manner in which homes can be purchased without a down payment. Insurers will now allow purchasers with strong credit to finance 100% of their purchase. No longer do you need a gift letter, and there is no need to borrow from your family.

The mortgage market is dynamic with insurers and lenders continually tweaking their lending policies in the interest of borrowers. At Verico-Accede Mortgage Group we pride ourselves on staying abreast of these changes. Our goal is to make the financing portion of your home purchase as simple and void of stress as is possible.

Take your first step to home ownership now! Go to: Apply Now Select your preferred method to apply, complete the application and submit it or contact one of our mortgage professionals. Call or Apply Now. It is in your best interests.