For a first-time homebuyer, a mortgage down payment can seem like the most difficult part of purchasing a home. Many first-time homebuyers have fewer savings to put toward a down payment or have debt from student loans or credit cards. As your Fairway mortgage planner, I am here to help you through every step of purchasing your first home. I hope to make saving for and understanding down payments easier for you.
Let’s start with the basics: What is a down payment? If you are unable to pay for a house in cash, a mortgage company provides financing in the form of money you borrow from a lender. The down payment is the initial payment made on the property, while the balance of the home price is financed. For example, if you purchase a home for $100,000 and borrow $90,000 (90%), you would put a $10,000 (10%) down payment on the house.
As a homebuyer, the size of your down payment is up to you. Many programs that allow for a lower down payment — or, in some cases, no down payment or down payment assistance — are available to first-time homebuyers. Additionally, you can use “gifted funds” for your down payment. Gifted funds are funds given to you by your parents or another eligible relative. I am happy to tell you more about the guidelines for this type of down payment.
Depending on which loan program you choose, if your down payment for a home is less than 20%, many lenders require that you purchase private mortgage insurance, or, PMI. As your mortgage planner, I can be a valuable resource for analyzing your finances and helping you decide how much home you can afford as well as how much money you should put down.
If you have not already started saving for a down payment, follow these tips.
I would love to talk with you soon about purchasing your first home. Call me today to learn more.
REGGIE G is on call this weekend for Team Green. You can reach Reggie G at 480-206-5577 , firstname.lastname@example.org. or You can also always call the Team Green Line at 480-704-4890.
For a few hours this weekend – Josh Hartson is being a trooper and taking my on call duties after 4:00 pm on Saturday.
I have a very important Michigan Wolverine football game and I’m going to see the comedian Nick Swardson.
Josh can be reached at 480-258-5424 , email@example.com.
-Sounds like Kenny G without the beautiful permed locks -Would prefer a light back tickle to a back massage -Would play golf regularly if every ball didn’t go to the far right (it’s dangerous) -First concert was Gloria Estefan and the Miami Sound Machine – yes I can shake my body and do the Conga -Loves helping people purchase a home
Have a fabulous weekend, and Team Green is here to help.
If you are selling your home this Halloween season, you can attract potential buyers by capitalizing on increased holiday traffic in your neighborhood. It’s also an excellent opportunity to talk with your neighbors about friends who are interested in moving into your neighborhood.
Be generous with the candy and use the following techniques to market:
Treats & Info – Children love the treats that Halloween brings. Be prepared to hand out candy to kids, as well as water bottles or adult beverages to parents. At the curb and near your front door, be sure to have fliers about the house, along with information on any “open house” events you plan to host.
Be ready to show visitors your house – Invite interested folks into your home to look around. Have some kid-friendly activities on hand to keep trick-or-treaters busy while parents explore your home. They may not stay long, but they may have time to ask some questions and get a quick overview.
Be conservative with décor – Don’t go overboard when it comes to Halloween decorations. A few festive touches are fine; just leave the inflatables and over-the-top décor for another time. A Halloween wreath and mums and pumpkins on the porch are some great ideas.
Remove decorations in a timely manner – Once Halloween is over, make sure to take your decorations down promptly. Leaving decorations up for weeks after Halloween could devalue your home and make it look unkept.
Ask your Realtor for more marketing tips! He or she will be more than happy to offer advice on staging your home to make the most of the Halloween season. If you are interested in purchasing a home or refinancing, call me to discuss your financing options.
Article provided by Fairway’s team at Motivator – thank you!!