Thinking about purchasing your first home? Right now is the to buy! The interest rates on home are historically low, which gives you more flexibility with your budget. When interest rates increase, it causes your monthly payments to increase, preventing you from buying a larger or more luxurious home compared to when interest rates are lower.
Let’s take some things into consideration. If you are renting a new place, typically to move in you need first months rent, a security deposit which is usually at the very least one months rent, application fees, security deposits, and if you have pets either a pet deposit or even a monthly pet rent! When it comes down to it, that is a lot of fees, some non refundable other are, but that is a huge chunk of money to put down on something you don’t own.
One of the main hinderances from purchasing a home is the dreaded down payment. But wait! Currently there are down payment assistance and loan programs for qualified buyers that only require 3% down along with closing costs. Once, you’re in your new home you’ll be paying around the same amount monthly as renting, and often time it is even less!
Our advise would be to come sit down with one of our trained professionals to hash out all the available options. Our broker, Echo Farrell recently got a young school teacher into her first home with only 0.5% down! Call us today!