Re/Max
Professional Realty		 Re.Max Real Estate Teri Freed, REALTOR® GRI - 557 West Uwchlan Avenue· Exton, Pennsylvania 19341
(610) 363-8444 · (610) 363-4081· E-Mail teri@freed2pa.com
Real estate in Chester County

Featured Homes For Sale

About Teri

Buyer Representation

Your Housing Rights

PA Consumer Notice

Your Housing Needs

Major Steps to Buying A Home

Settlement Events

Chester County Life

Contact Teri

Home

Fair Housing
MORTGAGE INFORMATION for Pennsylvania.....

Prior to signing a contract to purchase real estate, you need an understanding of the financing which will allow you to reach your goal. Some mortgage loans require no money down, some have limited money down, there are numerous types of qualifying ratios, which are connected with the actual loan restrictions.

Mortgage programs exist for every type of situation:

  • Little cash with poor credit
  • No cash with good credit
  • Financing after bankruptcy
  • Low interest loans with large cash investments
  • No income or asset verification type loans

*Pre selection is the key.

Pre-selecting the type of financing you will be utilizing, will allow you to purchase the most amount of home, for the least cash investment. Make your money work for you.

MONTHLY MORTGAGE PAYMENTS

ITEMS CONSIDERED AS MONTHLY FIXED HOUSING EXPENSE

* P.I.T.I *

  • Principal - amount borrowed.
  • Interest - monthly interest amount.
  • Taxes - monthly payment for real estate taxes.
  • Insurance - monthly payment for home owner's insurance.
*PLUS*
  • PMI - mortgage insurance premium for less than 20% down.
  • HOA Fees - monthly fee in pud or condo.

The best way to get started with mortgage financing is to obtain a mortgage pre-qualification. This will help determine the loan type that is best suited for your particular financial situation.

TIME IS OF THE ESSENCE!

- WITH EVERY 1% INCREASE IN RATES YOUR BUYING POWER IS REDUCED BY $10,000.00

- REGARDLESS OF THE INTEREST RATE YOU CAN NEVER SAVE AT THE SAME RATE OF INFLATION!

CREDIT TIPS

  • Plan to use cash instead of credit for your purchases. If necessary, postpone major purchases until savings are available.
  • Restrict large purchases, since additional debt will affect your mortgage qualifications.
  • Stay informed on your credit balances. Uncertainty about how much you owe is dangerous.
  • Avoid skipping bills to make other payments. Although skipping a payment may bring immediate relief, it is only a temporary solution if you have a long-term problem.
  • Contact creditors immediately if you have a problem.
  • Maintain a savings plan to handle unexpected interruptions of your income.
  • Have your Real Estate Agent or Mortgage Agent run a preliminary credit check prior to house hunting. At this time you will discover if there is a problem of any type that needs attention, prior to making mortgage application.
  • Utility companies are now reporting to the credit agencies. Phila. Electric Co. for instance has become very strict in collecting the monthly balances.
MORTGAGES - ALL THE PIECES MUST FIT!!!

If you want to learn more, please click here to contact Teri Freed.

Information contained herein is deemed reliable, but not guaranteed, subject to change without notice.