Home buyers are out in droves shopping and researching real estate opportunities online and on foot. According to Nielsen Research, there was an 11 percent increase in the number of visitors to the top U.S. real estate web sites in July. Along with the increase in visitors going to real estate sites, the number of U.S. home sales spiked this past July; posting the highest numbers since September 2008.

With real estate taking off, many are wondering if now is the time to invest. The following are a few questions to consider that will help you come up with the best answer for your specific financial situation.

• What kind of down payment am I able to make?
  During the housing boom, piggyback loans were the norm and many individuals were able to purchase houses with no money down. These days, mortgage insurance and substantial down payments are back and are here to stay.
  
  Of course, a 10 percent (preferably 20 percent) down payment is desired, but it is not necessarily required. For those who aren't able to put together the 10 percent, there are a few low down payment programs offered by the federal government. Contact Missoula Mortgage to discuss the program that fits your home ownership goals.
   
• Can I afford a 15-year fixed-rate loan?
  A fixed rate mortgage, as its name suggests, offers a rate that is set for the duration of the loan. It is simple, easy to understand in comparison to the adjustable rate mortgage (ARM) and, in turn, offers more security to the buyer. Fixed rate loans are popular; with almost 75 percent of all home mortgages being fixed rate programs.
  
  The reason why we use the 15 year fixed rate mortgage to discern if you're financially ready to become a home owner is due to the fact that it is a product that yields a high monthly payment. If you are financially at ease making these high monthly payments and can comfortably pay off your home loan within 15 years, then you are highly qualified to purchase the property. Contact your Missoula Mortgage mortgage specialist at Office: 406.721.0331 to learn what your property price range should be based upon your current financial situation.
   
• Can I afford a monthly mortgage?
  A house should be a blessing, not a curse. Home payments should typically be 25 percent or less of your household's monthly take-home pay. If not, then you may be pushing your financial limits. Visit us online at http://missoulamortgage.net or contact your Missoula Mortgage mortgage specialist at Office: 406.721.0331 to quickly calculate your monthly payment.
   
• Do I have money put aside for extra expenses?
  In addition to the items mentioned above, potential home owners must also prepare for any additional expenses including, property taxes, utilities and insurance which will provide protection against theft, fire and other natural disasters. To learn more about the additional costs involved with home ownership, contact your Missoula Mortgage mortgage specialist today.

Make use of Missoula Mortgage specialists' expert knowledge. Working with professionals throughout the mortgage and property purchase process ensures you understand the regulations and laws specific to your city and will keep you from being wrapped up in all the red tape and paperwork. Shopping for property should be a fun and enjoyable experience. Rely on Missoula Mortgage mortgage specialists to keep you informed and sane through out this exciting and, often times, overwhelming process.

Keeping You Informed
Missoula Mortgage is dedicated to keeping you informed of the latest market trends and mortgage options. Visit us online at http://missoulamortgage.net, or call us today at Office: 406.721.0331, to obtain custom loan options designed to fit your needs and help you obtain your home ownership goals.