First time home buyers have quite a difficult road ahead of them; there are a multitude of decisions to be made during the homebuying process, and while there are plenty of resources available to them, finding the best guidance can be an adventure in communication. Here are three tips to streamline your homebuying process and hopefully point you in the direction of qualified assistance.
The Benefits of Buying vs Renting
Getting over the upfront costs of homeownership can lead to the realization that there are some significant perks to being a homeowner. There are some nice financial perks, such as mortgage interest and property taxes being deducted from your taxable income each year and the market value of your home rising over time and building equity.
When to Buy
If you have good credit, can demonstrate 2 to 3 years of steady income from a job or business, can afford to pay a mortgage, taxes, and insurance every month, have an income likely to continue or increase, and have enough saved for a down payment? If the answer is yes, then it may be time to buy.
How Much Money You’ll Need
You need enough cash to cover three main costs: earnest money (a.k.a. the good faith deposit you make on a home when you submit an offer), a down payment (typically 10% to 20% of the purchase price), and closing costs paid at the settlement (such as lender charges, an appraisal, survey, inspections, attorney fees, taxes, title insurance, and any other processing expenses).
Stonebridge Mortgage Group can help you with your real estate loan and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.
Call us today at 503.661.5580