Do You Know What You Want?
Whether you are a first-time homebuyer or entering the marketplace as a repeat buyer, you need to ask yourself, why it is you want to buy property. For example, are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?
Whatever your answers may be, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it may be worthwhile to consider the questions above and to then discuss them in detail when meeting with our REALTORS®.
Do You Know Your Financial Fitness?
Homes and financing are closely intertwined. The good news is that over the years, new and innovative loan programs have evolved which require a 5 percent down payment or less when purchasing property. In fact, a number of programs now allow homebuyers to buy real estate with no down payment.
In addition to a down payment, buyers also need cash for closing costs. However, several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs.
Not everyone, however, elects to make their purchase with little or no money down. Less money down means higher monthly mortgage payments, therefore most homebuyers choose to make their purchase with some cash up front.
As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of the settlement expenses. Speak with Regal Realty REALTORS® for details.
Use these tools to help you determine your financial fitness:
Determine your house buying budget power.
See how much interest, principal, and an amortization schedule for the loan of your choice.
Use this calculator to figure the annual percentage rate for your mortgage.
Figure out how much interest you can save by increasing your mortgage payment biweekly.
Figure out how much interest you can save by increasing your mortgage payment.
See the current average national interest rate
Call the Regal Realty Buyer Agents who will provide you with:
- Undivided Loyalty
- Advocacy and Advice
- Expert Negotiating Skills
- Contract Provisions to Protect Buyer’s Interests
- Assistance in Evaluating Property