Updated: Nov 10, 2019
THINKING ABOUT BUYING A NEW HOME?
HERE ARE A FEW THINGS YOU SHOULD KNOW.
Buying a new home is one of the biggest decisions you’ll ever make, but it’s also a lot easier than you might expect.
BUYING VS. RENTING This may surprise you, but a monthly mortgage payment is often less than what you might pay for rent.
In fact, with just 1% down, you could save more than $600/month on a $250,000 home purchase and avoid monthly mortgage insurance.
PURCHASE A $250,0000 HOME BUY: $1,597.85* (30-YEAR FIXED)
RENT: $2,200 MONTHLY *With the 1% Down program, the borrower put down 1%, the lender contributes 2%, giving the borrower 3% equity at closing.
Assuming monthly taxes and insurance of $315.50,
Monthly payment on a $242,500 30-year fixed-rate loan at 4.625% and 97% loan-to-value (LTV) is $1,597.85 with -1.153 points due at closing.
The annual percentage rate (APR) is 4.624%.
Taxes and insurance are estimated and may vary with each loan.