Puyallup Mortgages and Loans

The Mortgage

Your mortgage is the financial instrument that allows you to make a down payment and finance or get a loan on the rest of what you owe on your new home.

Monthly payments are a function of both your down payment and the interest rate over the life of the loan. The higher your down payment and the lower your interest rate, the lower your monthly payments will be.

In general, the banks or other institutions that provide mortgage financing want to be sure you're a good risk. Their evaluation of the risk is a combination of your credit (FICO) score, your income, your debt and their appraisal of the house. A common guideline is your mortgage payment should be roughly 33% of your monthly income. But that's only a guideline!

Today's mortgage market is highly competitive and there are all sorts of loans available to meet the needs of a wide variety of individuals, probably including you.

For example, it may be possible to arrange a no- or low-interest loan for several years to lower your monthly payment and give your income a chance to catch up to what will be higher payments later. If you have a large down payment, your payments, and your interest rate will decrease; if you have little or no down payment, but good credit, there's a loan out there for you.

We are experts in helping you find the exactly mortgage that will allow you to purchase the home you want and need in a way that fits your current and future budgets. Call us today and we'll get started finding the financing that suits you.

 

Refinancing

One of the real advantages to home ownership is the equity you build up in your home over time. Your equity is a combination of the principle you've paid on your mortgage and the appreciation your home has acquired over time.

Barrowing against that equity, also known as re-financing your home, can mean your home is actually working for you by creating cash. Plus, you may be able to refinance at a lower interest rate than your existing mortgage carries, creating even more cash for you because, with a lower interest rate, your monthly payment will also be lower.

The cash created by refinancing can be used in any number of ways, from paying down your high interest credit card debt to fixing up your existing home and creating even more value.

One of the best things to do with the money generated from the equity in your home is to reinvest it in additional real estate. More wealth has been created through real estate than through any other method.

We are experts in both real estate finance and real estate investment. Talk with us today about the best way you can improve your current position.