Benefits of Pre-Approval

I always encourage everyone to get pre-approval before purchasing a home, it doesn't matter if you're a first time home buyer or on your second or third home. By getting pre-approved you will know how much you can afford and save yourself and your agent valuable time by shopping within your price range. First-time home buyers will have peace of mind when making an offer to purchase. It'll also give you the opportunity to establish your monthly budget before discovering you can't afford the house you just saw and fell in love with. When getting pre-approved you lock yourself in with the current interest rate for 120 days. If interest rates were to rise you are worry free and if they should get lower you can always renegotiate for that lower rate. You can feel secure knowing you wont have to pay more than what you need to when you find your home and make an offer to purchase. The best part of all is that you will avoid the stress of last minute financing, while having received sound mortgage advice.

Nathan Sckopke

You can contact me with any questions via e-mail at nathan@sudburyfinehomes.com

First Home Purchase

Renting or owning? A home is an investment that can appreciate over time. I often encourage couples or individuals who are renting and established in their careers to explore the concept of purchasing their first home. It can be an overwhelming task but with the right Real Estate Sales Representative and Mortgage Specialist easing the transition into home ownership it's well worth it.
Let's explore the numbers based on a $1,200 monthly rental payment and 3% annual rental increase. After five years you will have paid your landlord $76,452 and have no equity. If you were to purchase a $ 200,000 home with a 5% interest rate, after five years you will have accumulated $70,409 in mortgage payments but you will have $54,591 in cumulative equity. Meaning if you were to sell your house you could be potentially walking away with $ 54,591 minus any realtor, lawyer and other selling related costs.
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