Well here is something that many people think is even scarier. But what could be scarier than that movie?
Buying Your First Home
I realize that it’s a big step. And it can be a scary experience, if you allow it to happen. But knowing the facts can make the process a lot easier and remove the perceived scary parts. Here are the things that many in your situation are afraid of.
I don’t have enough money saved for the down payment, I need 20%
I know it’s not easy to save that much. I remember when my own kids purchased their first homes. But none of them made a 20% down payment. There are many mortgage programs available that allow less than 20% down. Some allow as little as 3.5% down. And if you have Veterans Administration Benefits, you may be able to buy with zero down! And 40% of Millennials had a down payment of less than 10%!
It costs less to rent than to own.
Yeah – about that. When you rent you still pay a mortgage, you just pay the landlords mortgage instead of yours. And the landlord makes a profit also. If you think you can avoid the cost of repairs when you rent, think again. Those costs are built into the rent. If you would like to read previous posts about how it’s cheaper to own than to rent, visit www.55plusinmonmouth.com/blog/
I don’t have a credit score of 780
Actually the average credit score on closed mortgages was 724. And an FHA mortgage requires a minimum of 620.
Getting a mortgage is hard.
Not really. If you have a decent credit score and sufficient verifiable income, it’s really pretty easy if you have a good mortgage professional. If you need a referral to a good mortgage professional, give me a call at 732-598-7700
After reading this, do you still think that buying a home is a scary experience? Probably not. Call me and let me help you find your dream home.
Art Reiman – Realtor