SAVE BIG ON YOUR NEXT MORTGAGE
By myfirstcho6600809, Jul 22 2019 06:11PM
With the costs of housing rising faster than incomes, renters and homeowners alike are looking for ways to keep costs down.
Right now, may be the perfect time to take control of your housing costs by buying your own home or refinancing our current home!
With proper planning and a few smart strategies, you can reduce your monthly payments and cut the overall cost of homeownership.
Maximize Your Down Payment!
If you borrow more than 80% of the value of your home, lenders will typically make you carry Private Mortgage Insurance (PMI).
To determine how much house you can afford without PMI, multiply the down payment amount you have by five. This will give you the highest price you can pay while avoiding PMI.
For example, a $20,000 down payment would give you a top home price of $100,000.
Less than 20%? You Can Still Become a Homeowner!
Many lenders have low rates with no mortgage insurance required with as little as 5% down payment.
Make Extra Payments!
If you can afford to, add more to your mortgage payment each month. Just a few extra dollars each month really accelerates your loan paydown.
You’d be amazed at how much you’ll save in interest!
We can discuss these and many other money-saving strategies when you call us for a FREE