Buying a Home

Buying a home is a significant commitment that requires a lot of time and research. Leave it to the mortgage experts at Mark Meader with Perl Mortgage to walk you through the home buying process. We have all the resources and expertise to ensure your loan process experience is a smooth and stress-free one.

Application Process

Once you’ve found your dream home, you are ready to start the application process! Click here to learn about the application process, and how we work with you to make it as smooth as possible!

Loan Programs

At Mark Meader with Perl, we offer the following loan programs to make moving as simple and seamless as possible:

• Adjustable Rate Mortgages (ARM)
• FHA Loans
• Fixed Rates Mortgages
• Jumbo Loan
• VA Loan

Planning Ahead When Buying a Home

When you are considering buying your next home, here are a few things to think about:

• Your credit history status: If it’s not in good standing, you will need to up your credit score with the help of a credit counselor.
• The mount of money you have available for a down payment: Where will your down payment come from? Do you have savings? Will you have to sell your current home to afford buying the new home?
• The monthly payments you can afford.

Estimating the Cost of Your New Home

To calculate the total amount of money you will need to purchase a new home, be sure to include the following:

• The amount of money you will gain from the sale of your current home to be used to buy your new home.
• If your down payment is less than 20%, you will require mortgage insurance, which will increase your monthly payment.
• Add closing costs along with your down payment.
• Taxes and interest should also be added to your calculations

Purchasing a Vacation Home

Having a vacation home is a luxury you can enjoy with your family anytime you want to escape. Aside from enjoying the beautiful scenery and numerous personal rewards that come with a vacation home, there are potential financial benefits that go with the purchase.

• Extra income- If your vacation home is in a high-demand area, you may be able to rent it out throughout the year to earn additional income when you are not occupying it.
• Potential increase in asset value– A vacation home is a smart long-term investment which may offer you financial gains in the future if it increases in value.

Things to consider when purchasing a vacation home

Here are a few questions to ask yourself when you’re considering a vacation home.

• Do you have enough cash flow every month to take on a second mortgage?
• you have any extra expenses that may need to be covered in addition to your monthly mortgage payments on the property? Examples: Homeowners’ association dues, utilities, insurance, etc.
• Make sure all costs are considered when calculating how much you will need to make the purchase, including closing costs, renovations, repairs and new furniture costs.

Choosing an Investment Property

An investment property is a property purchased or developed for the purpose of earning income.  It can be a smart investment if you research the pros and cons involved before making the purchase.  In addition, a rental property can build equity and generate cash flow.

If you’re thinking of investing in real estate, be sure to consider the following when shopping for your next investment property:

Type of Property

Determine the type of property you want to invest in – condo, single-family home, townhouse or duplex?  Do you plan on renting it out year-round or only during certain months of the year, as a vacation property? Or perhaps a property where you will live in, while renting out a floor or the basement to tenants?

Location: You might want to consider buying property in a high-demand neighborhood or a popular vacation spot.  Although such properties come with a higher price tag, you can gain a return on your investment by renting it out at a higher price.

Repairs and Upgrades

If the property requires costly repairs, take into account whether you’ll earn your investment back.