|
|
| Keeping
You Informed |
 |
| Q: |
How
do I buy a home with little or no money down? |
| A: |
There
are two costs associated with buying a home: your down payment and
closing costs. Today homebuyers can take advantage of many programs
that offer 100% financing which can cover your down payment cost.
There are also several ways we can take care of closing costs. Surprisingly,
in today's market, you can purchase a home with little or no money
down. |
|
|
| Q: |
If I am currently renting, could I save money by buying a home? |
| A: |
Absolutely!
Home ownership is one of the few remaining tax shelters allowed. By
purchasing a home you can take advantage of certain tax deductions
that you do not have as a renter. Your new mortgage minus the tax
savings equals approximately the same amount as your current paying
for rent. Along with your savings you receive a long-term investment. |
|
|
| Q: |
What kind of mortgage is right for me? |
| A: |
In today's
market there are a wide variety of mortgage options. The financing
of your home should be as individual as you are. A 30 year mortgage
is still widely used but carries a standard interest rate. It is now
being challenged by more innovative programs that have much lower
rates. Statistics show that most home owners only hold a mortgage
for 5 to 7 years. Selecting the right mortgage can save you thousands
of dollars. |
|
|
| Q: |
What is M-I and how can I avoid it? |
| A: |
MI is
mortgage insurance that protects the lender. It is costly and provides
little or no benefit to the homeowner. Mortgage Insurance is commonly
required on loans that are more than 80% of the purchase price. There
are now innovative financing options which allow you to avoid MI.
These alternatives will reduce your monthly payments. |
| |
 |
|
Have
A Question? Ask The Experts. |
|
|
