As you step onto the road of homeownership, it may become evident, securing a mortgage to finance the purchase of your property is a necessity. A mortgage loan can give you more mobility and options as you search for a home best fitting your wants and needs.
To secure a home loan, you’ll need to start with a pre-approval process in which you submit an application containing your ID information, credit history and financial information. Once you’re approved by your lender, you’re able to better budget for your home purchase and narrow down the home search.
Your monthly mortgage payments are comprised of four main units: tax, interest rate, insurance and the principal loan balance. The principal is the sum of money borrowed from the lender, while the interest rate is a fee attached onto the principal balance by the lender for borrowing their loan.
Mortgage lenders may also collect property taxes owed to the state on your behalf. Homeowners insurance is often required when you take out mortgage loans to protect your home in the case of perils and payment is collected by your lender.
A mortgage term is the length of time you agree to repay your loan balance. The most common mortgage term is 30 years, which offers lower monthly payments; however, shorter terms are available, often between 10 and 25 years.
Shorter terms come with higher monthly payments, but you can save thousands of dollars on interest.
Before committing to a mortgage loan, consider speaking with a lender to explore loan options best fitting your situation.
Susan Shuxian Hu has been a dedicated realtor serving in Silicon Valley since 2010. With great passion, outstanding negotiation skills and due diligence, she has helped many buyers and sellers in their real estate needs. Living in West San Jose for more than 14 years, she has broad knowledge in Cupertino, West San Jose, Los Altos and Saratoga. She has enormous patience working with buyers and never tired of showing all possible properties that may fit client’s needs. Clients appreciate her best service to their satisfaction. She specialized in luxurious real estate purchase in Los Altos, Cupertino, Saratoga and Palo Alto. She also helped friend and past client’s referral working in San Francisco, Foster City and far reached Bay Area.
Susan Shuxian Hu was graduated in East China Normal University in Shanghai with bachelor and master degrees in Bio science. She came to US in 1989 and earned her Ph.D. in Molecular Genetics in Texas A&M University in 1996. After one year of postdoc in Southern Florida University in Tampa, she moved back to Orlando with her family and started working in Lucent Technologies. In 2002, Susan moved to California, Silicon Valley joined a start-up company. Since then she worked in high tech Corporation till 2009. Driven by her dream job pursuing, she found her passion working in sales by helping people in real estate after one year of education in De Anza business and real estate law study. Since then, she has been serving many people in Bay Area for their real estate needs.
With bilingual advantage, she has been actively working with Chinese immigrants as well as local engineers and residents. With rich high tech background and connection with Chinese community, Susan has served in luxurious real estate in last a couple of years.