TIME TO BUY A HOUSE/HOME IN ST MARY'S, CALVERT OR CHARLES COUNTIES MD

Is now the TIME TO BUY A HOUSE/HOME IN ST MARY'S, CALVERT OR CHARLES COUNTY MD?

Consider that Mortgage Interest rates are at an all time low and home prices are down.  You should contact a Loan Officer or Mortgage specialist to understand what this means for you.  Have them compare how much house you can buy with variable interest rates such as 3.75%  and 4.75%, keeping your monthly payment the same.  You'll be amazed at the difference.  Now compare your house payment to your rent.  You might get another surprise.  Remember, at this time, some of your house payment can be used to lower your taxes.

Did you know that in St Mary's, Calvert and Charles Counties there are houses that can be purchased with NO Downpayment if you, and they, qualify for A USDA Rural Development Loan?!

Let Margaret C.   Century 21 New Millennium Real Estate Agent,   help you in St Mary's, Charles and Calvert Counties MD.  I will answer your questions, help you understand the buying process and show you homes for sale.

Today is a tempting time to buy a home with interest rates and prices at their lowest levels in years. A potential homebuyers has a lot to consider. As part of National Homeownership Month, the American Bankers Association (ABA) offers these key questions to help real estate consumers make wise financial choices when considering buying a home.

1. How much can you afford to put down?                                                                                                             Can you afford the monthly payment? A mortgage down payment of 5 - 20 percent of the selling price is typical, but can vary depending on the situation. The size of the down payment will impact the monthly cost. Assess your financial health, determine how large of a down payment you can afford and consider if you can then afford the monthly cost.                                                                                                                                                                           Remember in St Mary's, Calvert and Charles Counties MD there are houses that can be purchased with NO Downpayment if you, and they, qualify for A USDA Rural Development Loan.
2. What other debt do you have?                                                                                                                          Consider all of your current and expected financial obligations and ensure you are able to make all the payments. Aim to keep total rent or mortgage payments plus other credit obligations less than 35 - 40 percent of your monthly income. If you can't keep payments below that, you may be better off renting for a while or searching for a more affordable home.
3. What is my credit score?                                                                                                                                 Can I qualify for a good interest rate? A high credit score indicates strong creditworthiness, which qualifies you for better interest rates on a mortgage. Maxing out your credit lines and paying bills late will lower your credit score, and the impact of a credit score on interest rates can be significant. For instance, a borrower with a score of 760 could pay nearly 2 percentage points less in interest than someone with a score of 620. That equates to over $3,000 less in mortgage payments each year. If your credit score is low, you may want to delay buying a homeand take steps to raise your score.
4. How much will taxes, monthly maintenance or other fees cost?                                                                      Owning a homemeans you will have to pay real estate taxes and other costs like insurance and maintenance. However, owning a home can bring tax savings at the end of the year. Remember to factor in these costs and incentives.
5. How many years will I stay here?                                                                                                            Generally, the longer you plan to live someplace, the more it makes sense to buy. Over time, you can build equity in your house where renters do not.

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I hope you have found TIME TO BUY A HOUSE/HOME IN ST MARY'S, CALVERT OR CHARLES COUNTIES MD full of useful information.

I am  Margaret C. Taylor REALTOR® sharing information in St Mary's MD, Calvert and CHarles Counites MD

I am qualified to help YOU buy or sell your home, or real estate investment. YOU need a Buyer’s Agent to represent YOU.

ASK A QUESTION HERE  RealEstate@MargaretC.com

CALL or TEXT 301 481 8407 for a FREE Consultation

I am a Century 21 New Millennium Real Estate Agent. Ask for MARGARET C.

I welcome your REFERRALS in Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, PAX River, and all St Mary’s, Calvert and Charles Counties MARYLAND

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