Today I’m going to answer the three most common questions I get about home financing:
1. Where are interest rates? Right now, they’re crazy low, near 4%. We’ve recently had some buyers lock in rates at 3.75% and 3.5%. Even if they jump up to 4.5%, that’s still a historic low.
2. How much money do I need to put down in order to buy a home? You might be surprised to know that you can buy a home with just 3% or 3.5% down. You can go up to as much as 20% or 25% if you have the cash to do so, as this will result in a lower mortgage interest rate.
3. Should I use a first-time homebuyer loan program? The answer really depends on your level of qualification .If you don’t have a perfect credit score right now or don’t quite have enough cash on hand for a down payment, this program could be beneficial to you. However, if you have some cash on hand and a higher credit score, a low down payment conventional home mortgage can be more beneficial to you. It all depends on your specific situation.
If you have any questions for me about these questions or anything else related to home financing, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.