Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Professional Mortgage Partners, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally.  Professional Mortgage Partners ("PMP") is a mortgage banker, not a mortgage broker.  This means that we have access to hundreds of lenders' rates and programs, but that we can underwrite and close your mortgage in-house.  With my experience, and PMP's rates and programs, you are sure to get the mortgage that is right for you.  

Finding the "Comfort Zone"                                               

Contrary to what most people believe, interest rate is not the most important component when obtaining a mortgage, monthly payment is. You have to be completely comfortable with the payment you will be making for the next several years.

When you decide to purchase a new car, you go to the dealership and after looking around the showroom you make a selection. However before you leave in that shiny new vehicle, the first question you ask is 'what would it cost me per month.' That is because your only gauge of affordability is what you will be paying out on a monthly basis. The interest rate is discussed briefly if at all. In general you will pay 8%-11% and it is not tax deductible. On a $25,000 car loan, the difference of 1% translates into $12.22 per month.

The same holds true for credit cards. Several cards offer programs with free airline tickets and hotel stays, so people think nothing of charging virtually everything they buy. They then carry a balance of a few thousand dollars from month to month with little regard for their interest rate, but they don't pay it off because that would not fit into their monthly budget.  In general, major cards have a rate of 15%-21.8% and it is not tax deductible. On a balance of $2500, the interest for 1 month would be $45.42.

When you are purchasing a home, you must first determine your payment comfort level. Only then do the many other components that must be considered, come into play.  A 6.0% interest rate might be great, but are you prepared to have your mortgage rate adjust on a yearly basis just to get that 6% starting rate.

If you have determined that you can afford to pay $1500 per month for your housing expense, let's look at a few possibilities togerher.

Please remember to get me involved early on in your home-buying process.  Being Pre-Approved not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.