Getting a mortgage is a not a decision that should be taken lightly. This is because the amount involved can have serious consequences on your life. If you apply for a lot of money to buy an expensive house, you may find yourself with a mortgage that you cannot afford. This might be due to a number of things. For instance, you may get married and have several kids, so your original income may not be enough to service your mortgage. The following are California mortgage tips to help you procure and pay off your mortgage successfully:
i) Refinance When Necessary
If your mortgage payments are too costly, you can consider refinancing to extend the repayment period and reduce the value of each installment. If the interest rate you're paying is too high, be sure to apply for mortgage refinancing to take advantage of the low market rates being offered by lenders. More info at reverse mortgages california.
ii) Avoid PMI
Private mortgage insurance is usually very expensive, but it's avoidable. The only way to do this is to make a downpayment of 20% of the property value. This may be difficult, but it will save you a lot of money.