I have to admit, I am one of those guys that says, if it sounds too good to be true it probably is. But lets get a head of ourselves... Let's start with where most lenders can lend on, you
Now Is The Time To Buy
"I need to wait, save money for a larger Down Payment". Hear this all the time, BUT is it smart to wait? Years ago maybe. Today all it does is cost you thousands of dollars! Here's a true story:
Last year, I found my Client her "Dream" home, it's in her price range, has EVERYTHING she wants & more! Even though it's everything she wanted, Dad told her to wait one year to save up $18,000 for a larger down payment. Good advice? Live at home, free rent, save $18,000 and get a lower monthly home payment! Well it didn't work out that way. Her $250,000 home is now $285,000, her 4.25% loan is now 5.25%! Last year's BASE Payment (No HOA, PMI, Taxes) was $1,187.00 with $8,750 down. This year with $26,750 DOWN it's $1,426.00! ($18,000 more to get a $239 HIGHER payment AND be a year further out from paying off her loan).
What would you say if a cashier asked: "Would you like to pay an extra $18,000 today so you can have a HIGHER monthly payment of $239? It's only $86,000 more over the life of the loan!
This is why I tell my clients I believe it's wiser to buy now vs waiting, even if it's not the house you want, GET IN THE MARKET! Protect yourself from these increases OR YOU MAY BE OUT OF THE MARKET FOREVER!
If you are interested in finding or selling a home, feel free to call me, I'd love to help you find your dream home. 623-745-6612.
Next we will talk about the importance of doing a thorough "Needs, Wants & Goals" Analysis and why it needs to be in writing...