Tips for First-Time Homebuyers
The decision to buy your first home is probably the biggest decision you will ever make and it’s a huge first step toward attaining financial independence – but it can also be a daunting task. With the average age of first-time homebuyer in America being 32, it can mean that you’re paying as much as 14 years of rent before purchasing a home. With the amount of money you’ve spent on renting, you could have paid off almost half of the mortgage on your own house!
Getting a mortgage loan for your first home can be complicated and confusing. Where do you get your down payment? Is your credit good enough? Where do you even start the process?
That’s where we come in. We can help you eliminate rent payments, build equity, and feel the personal satisfaction of having a home to call your own.
If you are currently paying $1,000 each month in rent, at a 5% annual increase, that same apartment will cost you $1,050 per month next year and $1,629 each month in 10 years.
If you paid $1,000 each month towards owning a home, in 10 years, that home will still only cost you $1,000 each month.
Following that logic, and taking into account that home values in Arizona rise an average of 7% each year, in 10 years your home will be worth almost twice what you paid for it. A $100,000 house bought today would be worth $196,715 in 10 years – plus you’ll have paid down a significant portion of your mortgage loan.
In the US, there are a huge variety of amazing programs available to first-time homebuyers – from $0 down-payment loans and loans that require only 3% down with rates that are competitive with traditional loan programs so your monthly payment isn’t ridiculous.
Have questions about this info or the mortgage loan application process? Contact us today!