A $250,000 home is a bargain compared to a $200,000 one.
And if you’re still saving to buy a home, you can do it without a bank loan.
Here’s how to do it.1.
Get a home loan.
If you already own your home, go ahead and get a mortgage, says Denise Baca, a certified financial planner and real estate broker with Baca Real Estate in Los Angeles.
A $150,000 mortgage, or a $300,000 loan, can get you a home with no down payment or mortgage payments to pay off, and no interest.2.
Find an agent.
It’s also a good idea to try to find an agent who can help you negotiate the best deal.
Baca says it can cost up to $50,000 to hire an agent for a $250-million home, depending on the size of the home and the terms of the loan.3.
Read your mortgage agreement.
If your mortgage is $300.00 or higher, you may have to pay a lower rate.
The same is true for a home valued at $200.00.
The lower your loan, the higher the interest rate.4.
Find the mortgage broker.
The best way to find a mortgage broker is to call one of the banks that provide mortgage-servicing services.
They may have more experience negotiating with buyers and sellers than banks.
For example, Baca’s broker recommends BACOM Mortgage, which has a 10-year credit history.
You can also contact the Federal Home Loan Mortgage Corporation (HAMPFC), which helps borrowers who’ve already taken out a home equity line of credit.
You may also contact a financial planner who specializes in mortgage finance or mortgage-lending for a free consultation.5.
Determine what your down payment is.
Most mortgage agreements require a down payment of 10% or less.
If that is your downpayment, you’re on the hook for whatever you owe on your home.
If the down payment exceeds 10%, your lender may require a reduction in down payment.
For more information on your down payments, see our article on the best way for you to figure out what you owe.6.
Check your monthly payment.
You’ll want to know your monthly payments for the first six months after you move in.
You might have to ask your bank or broker for that information, says Baca.
For most mortgages, it takes less than a month for your monthly bills to be due.
If they aren’t, it can take more than a year.7.
Find a broker that’s certified to do mortgage-loan servicing.
The Certified Mortgage Brokers Association (CMBA) certifies mortgage brokers who can do loan servicing and finance for banks.
It also certifies some mortgage servicers who are part of the CMBA.
You could also contact your local mortgage company or your state’s attorney general’s office.8.
Choose the right agent.
Some agents will offer you lower down payments than others, so make sure you ask the right questions to make sure they’re right for you.
You should also talk to a financial adviser who can evaluate your finances and determine if you should borrow money from a home-equity loan, says Lisa Capps, a home financial analyst with Fidelity.9.
The first step is to figure what you want in your home and get started on the process.
For your first home, find out what the basics are, like the amount of furniture you want to have, the amount you want, the style of the house and what kind of furnishings you want.
Then, set aside money to pay the down payments.10.
If it’s a small, two-story house, you’ll need more than $150 to pay down your mortgage, Baci says.
For larger homes, like a four-story home or a six-story, you need less than $50.
You don’t have to worry about paying your mortgage at the same time you’re paying down your rent or utilities, Baccone says.