A common misconception is that buying a home is more expensive than renting. In our continuing environment of record low interest rates this is most often not true. In fact, many mortgages offer lower monthly payments than renting – allowing your housing dollars to be earning equity for you!
We realize that first time homebuyers are often nervous about taking such a large step, after all, homeownership is a much bigger commitment than renting. If you are concerned about timing, we can help guide you to plan for the right time.
Our experienced Loan Originators are available to answer any questions you may have about home ownership. In the words of Mark Twain, “Buy land, they aren’t making it anymore.”
Costs of Purchasing:
- Down payments can vary greatly depending on the type of loan, typically 3%-30% of the purchase price
- Mortgage Insurance may apply with down payments of less than 20%
- Closing costs typically range from 2%-6% of the loan amount
On-going Costs of Homeownership, if applicable:
- Monthly mortgage payment
- Homeowners insurance
- Mortgage insurance
- Flood insurance
- Property taxes