Purchasing A Home

Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below you will find information that will help you with the purchase of your new home.


Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.


How much “house” can I afford?

The first step toward finding the right home is to quickly determine your purchasing power and  how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.
 

Some up front costs include:

Down payment: Typically ranges from 3-20% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
 

Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:

 

  • Monthly mortgage payment

  • Homeowners insurance

  • Mortgage Insurance

  • If applicable - Flood Insurance

  • Property taxes

  • Utilities

  • Maintenance

 

Branch Office: 1206 Bownman St.  Clermont, FL  34711

           Office: (352) 708-5532  Fax: (888) 522-5953

              Email: KMassey@primeres.com

Hablamos Español Llame al 352-708-5533

 

 

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 PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646.

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