It is true that contributing more down payment money on a home reduces your monthly payment. But, not by as much as you’d think. Most times, it is best to consider the payment difference for every $1,000 borrowed. And in today’s market, depending on the loan terms, the difference in monthly payment for every $1,000 borrowed ranges between $5-7 in monthly payment. So, when considering available funds for cash to close, one should also consider the payment. For example, an additional $20,000 contributed for down payment reduces monthly payment approximately $100-140. So, consider how long it takes to save $20,000. It may be more important to pay less down and have additional funds in your reserves for items such as furniture, appliances, repairs – or just simply a financial safety net in the event of an unforeseen circumstance. Not all loans function the same way… Get educated about mortgages and the associated monthly loan payments. Ask us how.

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.

Age is just a number. When you turn 18, you can vote, get a tattoo and even buy a house. Maybe even consider putting a tattoo of your house on your body! Kidding aside…

Purchasing a home is a smart move and a great investment for your future. And remember, it’s also a big commitment. If you can’t see yourself in a home or even in your area for more than five years, you may want to consider other alternatives such as renting. And then again, that five-year time period is not a hard and fast rule. The longer you are in a home, the more time it has to appreciate. So, starting at a younger age might make sense – just like normal investing. When considering a home, you’ll want to evaluate your current financial situation. It can be tough to know exactly where you stand. Ask yourself the following questions: What is your income? Do you have a low amount of debt relative to your income? Do you regularly contribute to a personal savings? We can help you answer those questions, among others. Ask us how.

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.