Purchasing a property should be a well thought out decision for a couple.

The Sean Z mortgage team knows that buying a home is an event you have been dreaming of for years and we want to make it as enjoyable for you as possible. We know all there is to know about obtaining financing for this major purchase and are more than happy to pass our knowledge onto you. Here are some key considerations.

Pick the Right Mortgage

Today, choosing a mortgage is easier than it was a few years back, because the high risk mortgages that catered to unqualified borrowers are not available anymore. The choice available for borrowers today is between an adjustable and fixed-rate mortgages, choosing the right one based on their financial circumstances. With our “TBD Mortgage Approval Program”, you can be confident that you qualify before the search even begins.

Couples with dual incomes may secure a mortgage more easily. If a couple is looking at a low risk mortgage, then a fixed rate mortgage is the best option as the interest rate will remain constant throughout the duration of the loan. On the other hand, in case of an adjustable rate mortgage, the rates tend to fluctuate with the market conditions, and you may expect your monthly payouts to be low; however, it is likely that the rate would increase over time. So, your present and potential future earnings should be the key deciding factor while choosing between mortgages.

Location and Development

Your home is one of the biggest investments that you will ever make in your life, so it is important that you choose a property whose value is expected to appreciate over time. In deciding the value appreciation, location plays a huge role. If the demand is high in a particular area, but the available houses are few, then your investment may be secure.

Another important consideration is whether there is any scope of development or expansion of the home as an individual property. If you buy a house that meets both these criteria then you can expect to fetch a good price if you wish to sell it in the future.

Practical Considerations for the Future

Even though choosing the right mortgage type and good location are two extremely important considerations for home buyers, there are other important things that cannot be overlooked. Today, you might be a couple spending most of your time at work, but a few years down the line you may plan a family and you will need space for a growing family. You will need schools and play areas in close proximity to your home. So, while making a decision today, you must keep one eye on your future needs as well.