If you’re in the market for buying a house in AZ, it’s important to know whatever down payment percentage you pay can greatly affect your monthly mortgage. For those who are new to real estate, a down payment is a percentage amount (usually between 3 and 20 percent) that you give to the home’s seller to guarantee the seller some form of initial payment. You’ll find that most mortgage lenders require a down payment of at least 3 percent and FHA loans require at least 3.5 percent. This percentage varies based on your credit history, your reason for buying, or the type of house you’re purchasing. So how does a down payment change things like your monthly mortgage or mortgage insurance? Here is a breakdown of how higher down payments pay off in the end. [Read more…]
Life is full of important financial decisions that can impact your involvement in real estate investment later on. For example, something like buying a new car requires a financial commitment that would greatly affect your budget for buying a new home. Ultimately, you should always weigh your options carefully and consider what will benefit you best. Many individuals assume they should buy a car first because it’s cheaper than buying a house. While transportation is undoubtedly important, it may force you to wait longer to invest in real estate. Unfortunately, the real estate market is constantly changing and you could have a difficult time selling or buying if you wait too long. Here are five substantial reasons why you should invest in buying a house rather than a car. [Read more…]
While home ownership remains a critical aspect of the American Dream, many families find themselves up against multiple obstacles like bad credit or saving the requisite money for a down payment. Even those with the most thorough plan and who do all of the right things for saving this money will likely have unexpected expenses come up in the meantime (life happens), making it challenging and frustrating. The good news is that with down payment assistance programs in Phoenix, you might be closer to purchasing a home than you think. [Read more…]
Buying your first home can be one of the most stressful events you’ll encounter if you don’t take the right precautions. There are countless things you need to prepare and keep in mind while searching out locations, agents, potential homes, mortgage lenders, and closing costs. It can all feel very overwhelming if you’re going in without any mental preparation, so here is our guide for the first time home buyer that will hopefully make this process easier.