This can be a great way to be easily financed. Be sure to have a good real estate attorney working with you and iwith your Realtor to make certain that all of your interests are protected. Research the settlement costs with your Realtor to be sure that you have a good idea of the pro-rated credits to the seller and recording fees are within your budget. A mortgage calculator will help you deterimine your monthly principal and interest, but don't forget the real estate taxes, homeowner's insurance and any special district taxes/assessments/betterments that you'll need to pay. Even if these aren't paid with your mortgage you should budget for them on a monthly basis - doing it this way would allow you to compare your prospective monthly housing expense to what you're paying now or to other properties. Be sure to file a homestead exemption.
Happy house hunting and I wish you many years of enjoyment in your new home!
Eagle Nationwide Mortgage Company - Thomas.Stevens@ENMCdirect.com
A federally-chartered subsidiary of Eagle National Bank - Equal Housing Lender... more