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| | Jim Sanders Maui Real Estate Blog
Maui Real Estate Information and Resources | Purchasing your new Maui property pt. 2 - Financing your new Maui home
Financing your Maui property
September 21, 2007 | Now that you've found your soon to be new Maui home, it's time to take a look at how to finance it. Here are some prime tips to assist you in your real estate purchase:
Plan, Plan, Plan (Your Finances) - Take a look at your finances and lay out a plan for financing your new Maui home. Estimate what you'll need for your down payment, closing costs, good faith deposit, etc., and contact your agent at Jim Sanders Realty to help define your Maui Real Estate Financial Plan.
Start to define your plan with these steps:
Review your Credit History - Get a copy of your credit report (review your options at annualcreditreport.com) and make sure it is accurate. If not, contact the appropriate agencies for correction. This is a very important first step to financing a new home, as your creditworthiness will help to determine many factors during the mortgage process.
Get a Mortgage Pre-Approval - Meet with your Jim Sanders Realty Maui Real Estate Agent to discuss obtaining a mortgage pre-approval. A calculation obtained through your mortgage lender, your pre-approval will state the home loan amount available to you, and your monthly payments. The pre-approval will also be of tremendous value when you've found the right home on Maui, as it will reaffirm to the seller your ability to purchase.
Figure out your Down Payment - Once you've priced the right Maui property for you, it's time to start thinking about how much you will be able to put down for it. An average down payment can be anywhere from 5% to 20% of the sales price. Generally, the larger the down payment, the lower your monthly mortgage payment and total interest costs for the life of the mortgage.
Factor in Additional Costs - Depending on the terms of sale of your new piece of Maui real estate, you may need to pay a closing cost (a small percentage of the sales price) once the sale is completed. There will also be the matter of a "good faith" deposit - a bit of re-assurance to the seller of your intent to purchase, after you and the seller have agreed on an offer for that great piece of Maui real estate. Your knowledgeable Jim Sanders Realty Maui Real Estate Professional can help you factor this and any other possible costs.
In our next installment, we will discuss the next steps in acquiring your new piece of Maui real estate.
(BTW If you missed our first installment, click here to check it out.) |
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Jim
Sanders Realty, Inc.
P.O. Box 792050
137 Hana Highway Unit C
Paia, Maui, HI 96779 |
Office:
(808) 579-8255
Fax: (808) 579-9004
Toll Free: (800) 556-1288
Email: info@jimsandersrealty.com
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