Would you like to buy a new home, or first home, this year? Getting your finances into shape and a couple other key strategies will help you improve your home-buying odds. It’s a competitive market, so do everything you can to come out on top.
Nearly 78% of all home mortgages created last year were for a 30-year term, according to the Urban Institute. But have you ever considered a 20-year term? A shorter term will save tons in interest payments, and you will build equity faster and be mortgage free sooner, even though you will pay a bit more monthly. New proposed legislation could help first-time homebuyers reduce the cost of a 20-year mortgage or provide down payment help.
Here’s what you need to know if you’re considering a 20-year mortgage:
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Do these things before starting to look for your first home Are you ready to buy your first home? Home shopping is fun and exciting, but it can also be overwhelming. Ideally, everyone wants an affordable home that they love, but there is more to that idea than many people realize. Unfortunately, many first-time buyers … Continued
The market is challenging, but we can help Great interest rates mean it’s a favorable time to buy a new home. But if you have started the hunt, you may have already run into a few obstacles. Low inventory means houses do not stay on the market long. If you do put in an offer, … Continued
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