1st Time Home Buyers
If you’re looking into buying a home for the first time, you might feel a little overwhelmed given that it could likely be the biggest, most important purchase you’ve made so far. There are a lot of things to consider, and we hope to help simplify the process with options that work for your specific situation.
Why Buy a Home?
Make a Valuable
and Profitable Investment
Buying a home allows you to invest your money into a very valuable asset. Real-estate investments are usually safer and lower-risk than most other types of investments. A house can also provide you with a stable source of income if you rent or lease it out, even accounting for mortgage payments.
Gain Stability and Independence
Purchasing a house also provides a source of stability and independence. You don’t have to worry about complying with landlord or building rules, and have complete control over everything you do within your property to make it yours.
Benefit from the Tax Advantages
For homeowners, interest payments and property taxes are deductible. In every state, there are solid tax benefits that come with the ownership of a property.
What do payments consist of?
Your monthly mortgage payments include:
Interest: The monthly rate that is the cost of borrowing.
Property Taxes: This goes directly towards paying the property taxes required in your locality.
Insurance: This provides you with security and protection in the event of damages to your home.
PMI: If your down payment was less than 20% of the cost of the property, then you will have to pay a charge that goes towards your mortgage insurance.
What does the application cover?
The application provides a complete evaluation of your income, assets, credit history and debts. These key things are reviewed to determine your ability and willingness to repay the loan.