Many people wish to save their home mortgage loan but unfortunately don’t know the most important tips and tricks to save home mortgage loans. If you do the proper research, and realistically look at your income and budget, you can save money on your home mortgage loan each month.
• Calculate your monthly income after taxes. Your total monthly mortgage payment including principal, interest, taxes, and home insurance, should be less than 25 percent of your take-home pay after taxes.
• Get several quotes on home insurance before you close on a home to ensure that it is insurable at a reasonable rate.
• Put at least 20 percent down on your home mortgage loan.
• Apply for a 15 year, fixed rate loan. You will get a lower interest rate
• Use an online mortgage loan calculator to determine how much house you can afford based on the above steps.
• Use self-control when shopping for a new home. If you cannot meet each of the steps above then you may not be ready to buy a home.
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