If you’re buying a condo for sale in DTLA, you’ll probably need a mortgage – most people do. But here’s some mortgage advice you probably haven’t heard.
3 Pieces of Mortgage Advice for Home Buyers
- Shop for the best interest rate
- Keep your payment under what you make in one check
- Make extra mortgage payments when you can
Shop for the Best Interest Rate
Ok, so you’ve probably heard this one – but it’s worth repeating. You can, and should, shop around for the best possible mortgage rate. You’ll have to get quotes from multiple lenders or brokers. Trust us: it’s worth the hassle!
Keep Your Payment Under What You Make in One Check
Talk to your lender about your monthly payments. Most homeowners find that keeping the cost of the mortgage payment under what they bring home in one paycheck makes it incredibly easy to manage.
Make Extra Mortgage Payments When You Can
Even adding $100 to your mortgage payment can pay off big-time in the long run. Think of it this way: You owe the lender a large sum of money, and the lender is charging you interest on it. Every little bit you pay now knocks some of that interest off the back end. If you can make a full (extra) mortgage payment, you’ll be doing yourself a huge favor – and even if you only do that once a year, you’re knocking about a year’s worth of payments off the back end of your mortgage.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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