Derek's Blog

As a Realtor, one of most common questions I'm asked is, "How much are my Mortgage Payment and Closing Costs going to be?" One of the most important steps in purchasing a home is getting pre-qualified and finding out how much you can afford to pay before you begin looking at homes. This will give you the general price range that you need to stay within and give you confidence knowing that you qualify to buy a home.  Additionally it will speed up the buying process and many times can help you get a better deal on your new home.  How so?  Because if a seller is able to see that you are already qualified they may be more willing to accept  a lower price feeling more confident that the sale will go through.  No one likes their home being off the market for 30+ days only to find out the buyer couldn't qualify for the loan. 

Why else can this step important?  If you are interested in investment properties, many times banks who sell foreclosures require a pre-qualification letter or proof of funds to be submitted along with the offer.  

There are a few banks that still have interest rates below 4.85 % with only 10% down, even on a second home or investment property.  On FHA Loans interest rates starting at 4.5 % with 3.5% down and a relative can contribute towards the down payment and closing costs up to 6%.

If you would like addition information, please contact Derek Heppe at derek.heppe@remax.net.  You can also find other buyer and seller information at my websites:  DerekHeppe.com

Derek Heppe
RE/MAX Beach & Country
Direct Line: (843)655-5777