First Time Mortgages

One of the most important advice I always give friends and colleagues when they ask me about mortgage, especially on first time mortgages where you may get a little too excited, is to select the right house that you can actually afford. Yes, you can opt for longer mortgage period to make the monthly payments affordable, but you are actually paying more in the long run and it is far from being profitable.

Picking the right house is essentially important. That is why you need to keep an open mind whenever you are on the lookout for the perfect house of your dreams. Finding the one you think is right for you may not be enough unless you know the price of the house and the possible monthly payments you would have to pay are affordable.

I also advice people who are thinking about buying a new house — or their first house — to get preapproved for a mortgage. Not only you will get better deals and can negotiate the price for your dream house, you can also close the deal faster and increase the chances of getting the house quite substantially. This way, you also have certain limits in finding the right house at the right price.