I just realized that this month is National Volunteer Month and I couldn’t let the month end without putting out an all points bulletin to encourage those who are not volunteering to do so. It doesn’t matter what stage you are in your life; teenager, college student, college grad, parent, it doesn’t matter, you can still help someone.
Before you apply for a mortgage, think about what type of loan you want, fixed or adjustable, and the rate you want to apply for. Adjustable rate mortgages (ARMs) mean that the interest rate and your monthly payment will fluctuate as market interest rates change. So if one month the rate goes up then your mortgage payment will go up, but if the next month it goes down, then your payment will go down.
Last week, we discussed tips on how to prepare for buying your first home. This week, we’ll go a little bit deeper and talk about the most important part of buying a house, the mortgage. I don’t know the first thing about it so I enlisted the aide of Jorge Rivera, Executive Mortgage Broker with William Raveis Mortgage in Darien, CT.
If you are looking to buy this season, just realize that most properties come out this time of year and you will be competing with other buyers. So when you find a house you like, you have to be ready to buy, like now, or you will lose out. If you can wait or are not ready yet, then I’m glad I got to you. Morris says that if you wait until after Thanksgiving, and December you can often get your dream home at a lower price because most buyers hold off looking during the holidays.
Last week, we talked about getting your first apartment and before you get all comfortable in your apartment, there is one more thing you have to take care of: insuring your stuff. That’s where renter’s insurance comes in. In the event your apartment is damaged due to fire or other disaster you want to make sure you can recover your materials.