Have you heard the buzz about the low mortgage interest rates?!

Being able to lock in a low mortgage interest rate will increase your buying power... How?

Let’s Really Simplify.

The interest rate directly impacts your monthly payment as well as how much you will pay over the life of the loan.

Say you want to buy a $300,000 house and you are prepared to put 10% down ($30,000). I ran the monthly payment with some assumptions on insurance and tax, but just to give you an idea:

MONTHLY PAYMENT AT 4.5% interest rate = $1,868

MONTHLY PAYMENT AT 3.5% interest rate = $1,712

For many homeowners, this monthly savings is a really big deal!

I talk to many people who say to me “Yes, we would love to buy a home and see the benefit to being able to lock in that low rate, but we don’t have enough cash saved for the downpayment….”

Are you sure?!

THERE ARE MANY WAYS TO STRUCTURE A MORTGAGE LOAN!

Many lenders have mortgage programs that will allow you to put as little as 3% down. On a $300,000 house, that is $9,000.

FIRST TIME HOMEBUYER?

There are programs available that you should explore which offer down payment assistance! I just had a learning session last week in New Jersey discussing a program that gives qualified individuals $10,000 to use toward their down payment/closing costs.

Most first time homebuyer programs define a first time buyer as someone who has not owned a home as their primary residence within the past 3 years.

DOCTOR?

Many young doctors are carrying some excessive student loan debt from medical school. They assume their only option is to rent. However, in some locations it is more expensive to rent than it is to own!

Qualified medical professionals can benefit from special financing programs! Some of these programs will finance 100% of the loan with NO mortgage insurance.

SELLERS ASSIST?

Many first time buyers who need cash to close may structure their offer so that the sellers assist with the closing costs.

If you are interested in purchasing a home, don’t assume you can’t! Let’s have a conversation and discuss your options.