Anyone interesting in buying or refinancing Baton Rouge real estate can benefit from some basic mortgage dos and don’ts. A mortgage is an important part of a real estate transaction and making sure you know what you are signing up for is essential. Your Baton Rouge REALTOR should be able to recommend reputable local lenders to interview, a great place to start.
The important thing to remember when shopping for a mortgage is that not all loans are the same. Aside from the time period of a loan there are also interest rates, closing costs, and a choice between fixed rates or adjustable rates. Don’t make the mistake of choosing an adjustable rate loan because of the attractive rate without realizing it can increase dramatically over time. Do shop around for the best rates. Take the time to find the best loan for your needs, recognizing that how long you plan on staying in your home matters in your choice.
Getting the right interest rate and payback plan is by far going to be you biggest challenge. Although the current rates in the market have come up a little they still are at an all time low as of April 2017. So if your tying to keep your monthly budget under a $1000 per month the above info graphic gives a good view of how to make that happen. Right now all things being equal your home purchasing power is still the best deal in the last 30 years.