I was talking with a friend yesterday as we were watching The Philadelphia Eagles beat San Francisco to go forward to play in the Superbowl. Go Eagles!
Anyway, I digress, because as our conversation progressed I realized that even with so much talked and written about it buyers still think they need 20% as a down payment to buy a house.
This friend mentioned that without 20% she would need to pay a large PMI, mortgage insurance rate, so she has been renting. As a single mother she is in the process of putting her daughter through college, however her rent is about to rise again.
I told her that all she was doing was paying the mortgage for her landlord. That most likely she could get a mortgage, even with PMI and pay the same as or less than her rent for a home of her own.
As we were holding this conversation during the game with other people around, we decided I would connect her with a mortgage consultant and she could discuss the various options that are open to her.
There are plenty of first time home buyer options as well, even if you have owned a home before, if you have not owned for three years. So, these may include grants of special programs to help first time buyers get a foot on the rung of homeownership.
With the current slight drop in rates, and with economists expressing their belief that rates will stay level if not drop a bit by the end of the year, we are expecting home buyers to take advantage of the opportunities to buy homes as they come on the market. This is the largest thing holding back many buyers is the lack of homes to purchase.
So, if you are interested in purchasing a home in 2023, then contact Nick Vandekar, Selling the Main Line and Chester County, with Long & Foster Real Estate Inc., office 610-225-7400, cell or text 610-203-4543, or Nick@VandekarTeam.com. Let me put you in contact with a local mortgage consultant and discover how easy it can be to purchase a home. We make the home buying process and amazing experience and give you the confidence to make the right decisions throughout the process.
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